OKX Pleads Guilty to DOJ Charges
- OKX admits to operating unlicensed money transmitting business
- Exchange to pay $84 million fine and forfeit $421 million in fees
- Settlement reached after Department of Justice investigation
OKX to Forfeit $421 Million in Fees
Crypto exchange OKX has agreed to forfeit $421 million earned in fees from customers in the United States, as reported on Feb. 24.
OKX’s affiliate, Aux Cayes FinTech Co. Ltd., settled with the US Department of Justice following an investigation into the company’s operations. The exchange pleaded guilty to charges of operating as an unlicensed money transmitting business.
The platform acknowledged compliance gaps that allowed some U.S. customers to trade on the global platform.
We cooperated with the US Dept of Justice in their thorough investigation of our business. We had a small percentage of customers who were able to use our international services due to historical compliance gaps. Today our compliance controls are among the leading in the… pic.twitter.com/sg1b2GC4wE
— OKX (@okx) February 24, 2025
Resolution and Penalties
While no customer harm was alleged, OKX agreed to pay a $84 million penalty and forfeit fees earned from U.S. customers, totaling approximately $421 million.
The company collaborated with the DOJ during the investigation and accepted the resolution.
The resolution marks a pivotal step in the company’s ongoing commitment to compliance excellence, deeper regulatory collaboration, and industry-wide integrity in keeping with the evolution of the crypto sector. This settlement reflects growth and positions OKX to continue working with regulators and developing solutions that benefit our customers and the crypto market at large.,” the exchange noted in the blog post.
Commitment to Compliance and User Security
OKX is dedicated to enhancing compliance, transparency, and user security. The exchange takes full accountability for past shortcomings and aims to provide a safe, compliant, and trusted platform for its users, contributing to further crypto adoption.
The settlement with the DOJ comes as the US crypto regulation landscape evolves to be more pro-crypto. Regulatory actions against companies like Robinhood and Opensea have also seen positive outcomes.
Coinbase recently had its lawsuit dismissed by regulators, indicating a shift towards more supportive regulatory environments for crypto exchanges.
