OKX reaches $505M non-compliance settlement with DOJ

Global Crypto Exchange OKX agreed to pay $ 505 million in penalties after pleading guilty to the exploitation of a company of transmission of money without license in violation of anti-flary American laws.

The regulation follows an investigation by the United States Ministry of Justice, which noted that some American customers have negotiated on the global OKX platform despite the official company policy prohibiting American users since 2017. Violations Compliance covered in these regulations took place between 2018 and the beginning of 2024.

According to Okx official Announcement, the penalty includes a fine of $ 84 million and the forfeiture of $ 421 million in fees earned to American customers, the majority of which were institutional customers.

OKX’s parent company, at Cayes Fintech Co. Ltd., recognized the failures of conformity, but stressed that no allegation of customer damage had been made, and no employees of the company have been Invoice.

OKX said that he voluntarily hired a consultant in accordance to strengthen his regulatory practices before the regulation and would continue to work with the consultant to improve his world compliance framework.

Citing investment In Know Your Customer Procedures, AML Instruments, monitoring transactions and financial crime surveys, the company has also stressed its dedication to regulatory compliance.

In a post of February 24 X, the CEO of Okx Star XI reiterated the dedication of the company to regulatory transparency, claiming that the company’s objective is to establish OKX as an industry standard for compliance on international markets.

“We will continue to mature our compliance operations and will continue to work closely with global regulators. Our vision is to make OKX the golden compliance with large-scale global compliance in different markets and their respective regulatory bodies. I am proud of our business.

– Star XI, CEO of OKX

The colony is a benchmark for the cryptocurrency sector as regulators around the world to squeeze Their examination of the exchanges which operate in several jurisdictions.