💥🎉😱💸#OKX Fined $504M After Admitting to Unlicensed US Transactions🚨🔥💯
Cryptocurrency exchange OKX, through its affiliate Aux Cayes FinTech Co. Ltd, has pleaded guilty to operating an unlicensed money-transmitting business in the United States. The exchange admitted to facilitating over $1 trillion in transactions for U.S. customers without proper regulatory approval. As a result, OKX has agreed to pay a staggering $504 million in penalties, including fines and forfeitures, following a settlement with federal prosecutors. U.S. District Judge Katherine Polk Failla imposed the penalties during a Manhattan federal court hearing on Monday.
In a statement issued on February 24, OKX acknowledged that certain U.S.-based users had accessed its global platform due to historical compliance shortcomings. However, the exchange emphasized that these customers represented only a small fraction of its total user base and that all U.S. accounts had since been removed. The Seychelles-based firm also highlighted that no customer harm was alleged and that no charges were brought against any OKX employees. Despite this, federal authorities criticized the platform’s actions, with Acting U.S. Attorney Matthew Podolsky accusing the exchange of knowingly violating Anti-Money Laundering (AML) laws and facilitating over $5 billion in suspicious transactions linked to criminal activities.
FBI Assistant Director in Charge James E. Dennehy further condemned OKX’s practices, stating that the company encouraged users to provide false information to bypass compliance measures. He reaffirmed that U.S. law enforcement would not tolerate financial institutions that disregard regulations. According to the Department of Justice, these violations occurred between 2018 and early 2024, despite OKX having officially restricted U.S. users since 2017. The case underscores the increasing scrutiny on cryptocurrency exchanges operating within U.S. jurisdictions without proper authorization.
#CryptoRegulation #OKXPenalty #CryptoCompliance #USLaw #FinancialCrime
