OKX reaches $505M settlement after admitting to running an unregistered money-transporting company, violating U.S. Anti-Money Laundering (AML) rules.
The settlement comes from an inquiry by the U.S. Department of Justice (DOJ), which discovered OKX had let some American users on its site despite a policy forbidding them since 2017. The heavy financial penalty resulted from the compliance failures that happened between 2018 and early 2024.
Mostly from institutional clients, OKX’s parent business, Aux Cayes FinTech Co. LTD., will pay an $84 million fine and forfeit $421 million in income as part of the settlement.
In a statement, OKX said it admitted past compliance flaws but underlined that no staff member was charged and no client suffered. The business underlined its dedication to regulatory compliance and mentioned that it has already acted to improve its methods of internal monitoring.
To help reinforce company policies—including enhancements in Know Your Customer (KYC) processes, transaction monitoring, and AML protocols—OKX has appointed an independent compliance consultant. These initiatives seek to match the business with changing legal standards across different countries.
Emphasizing OKX’s commitment to compliance, CEO Star Xu said the company wants to set the standard for crypto sector regulatory adherence. Xu underlined once more OKX’s dedication to working with world authorities to guarantee market openness and confidence.
This settlement draws attention to growing regulatory scrutiny of bitcoin exchanges since authorities all over tighten control to stop financial crimes and illegal transactions in the domain of digital assets.
