OKX pleaded guilty to the charges of DOJ, which operates an unauthorized remittance business. They exchanged to pay a $84 million fine and lost $421 million, earning commissions from US customers. The exchange agrees to the penalty after an investigation by the Department of Justice.
Crypto Exchange OKX will win $421 million in fees from US customers, the exchange announced on February 24th.
According to OKX, affiliate Aux Cayes Fintech Co. Ltd. has reached a settlement with the US Department of Justice following an investigation into the company’s operations. OKX pleaded guilty to accusations of operating as an unauthorized remittance business.
Specifically, the OKX platform acknowledged that the legacy compliance gap may have seen many US customers trade on Exchange’s global platform.
We worked with the US Justice Force in a thorough investigation of our business. There were only a few customers who could use international services due to historic compliance gaps. Today, our compliance controls are leading on pic.twitter.com/sg1b2gc4we
– OKX (@OKX) February 24, 2025
Therefore, DOJ did not claim any harm to the client and did not bring any claims against OKX employees, but the company agreed to resolve the issue by paying the fees that earned the fine.
“To resolve this issue, we agreed to pay a $84 million fine, and the costs we received from these US customers were about $421 million, I wrote in the update.
OKX worked with the DOJ during the investigation and agreed to the resolution.
“This resolution illustrates a crucial step in the company’s continued commitment to compliance excellence, deeper regulatory cooperation and industry-wide integrity along the evolution of the crypto sector. The settlement is It reflects growth and OKX continues to work with regulators and develop solutions that will serve customers and the crypto market as a whole.
In its quest to enhance compliance, transparency and user security, OKX says it is taking “full accountability for past shortcomings.” The company is committed to providing users with a secure, compliant and reliable platform, and these efforts are set up to help drive further adoption of crypto.
In particular, OKX’s settlement with DOJ is due to the US crypto-regulated landscape becoming increasingly pro-crypto. In the past few days, the Securities and Exchange Commission has concluded its investigation into, for example, Robinhood and Opensey.
Crypto Exchange Coinbase has announced that regulators have agreed to dismiss the lawsuit against the company.
