## OKX Admits to Violating U.S. Anti-Money Laundering Laws
The cryptocurrency exchange OKX acknowledged its wrongdoing on Monday in New York, admitting to violations of American anti-money laundering regulations. The total financial penalty, which included fines and forfeited fees, amounted to approximately $500 million. U.S. authorities indicated that OKX did not secure a money transmitter license in the United States, necessitating a court settlement. A press release from OKX clarified that its affiliate, Aux Cayes FinTech Co. Ltd., handled the settlement with American authorities on behalf of the exchange.
This resolution followed an investigation by the U.S. Department of Justice, which determined that the settlement included $84 million in penalties and $421 million in fees earned while primarily serving institutional clients in the U.S. OKX has stated that American clients represented only a small fraction of its overall user base and that none of these clients are currently active on the platform.
Prosecutors revealed that from 2018 to 2024, OKX permitted American clients to access its platform, despite its own policies prohibiting such activity. Alarmingly, around $5 billion in suspicious and potentially criminal transactions were linked to these clients. In one instance, an employee allegedly advised an American client to falsely claim they were from the United Arab Emirates to bypass U.S. restrictions. The DOJ’s press release emphasized that OKX had neglected to obtain a necessary money transmitter license, stating, “OKX sought out customers in the United States, including the Southern District of New York.”
Despite the restrictions on American clients, OKX has actively promoted its brand in the U.S., notably by sponsoring the Tribeca Film Festival in Manhattan. In response to the situation, OKX expressed its commitment to taking “full accountability for its past shortcomings” and aims to enhance user security while fostering cryptocurrency adoption.
James Dennehy, Assistant Director of the FBI, remarked, “For years, OKX flagrantly violated U.S. law, actively seeking customers in the United States—including here in New York—and even advising individuals to provide false information to circumvent requisite procedures.” On February 24, OKX acknowledged, “The Company recognized that, due to legacy compliance gaps, certain U.S. customers had previously traded on the company’s global platform.”
