OKX Asks Guilty, Pays$ 500 Million for Illegally Serving US Customers

Aux Cayes FinTech Co. Ltd, a subsidiary of Cryptocurrency exchange OKX, has reached a settlement with the U.S. Department of Justice and has agreed to pay more than$ 500 million in fines after pleading guilty to serving U.S. clients without a money transmitter license and not adhering to anti-money laundering laws.

OKX will criminally forfeit$ 420.3 million, according to a DOJ statement, and pay an$ 84.4 million criminal fine. The$ 420.3 million represents fees earned from U. S. customers, which the firm said are no longer trading on its platform. Officials claimed that OKX made it possible for illegal transactions to develop on its platform.

James E. Dennehy, an FBI Assistant Director in Charge, stated:” OK X flagrantly violated U.S. law for years, constantly looking for customers in the United States, including here in New York,” and even going so far as to recommend people to offer false information to avoid essential processes.