Global Crypto Exchange OKX has agreed to pay $ 505 million in the penalty after being convicted for operating a money-transmitting business unlicensed in a violation of US anti-mani laundering laws.
The agreement follows an inquiry by the US Department of Justice, which found that some American customers traded on the global platform of OKX despite the official policy of the company that banned American users since 2017. Compliance violations involved in this disposal occurred between 2018 and beginning and the beginning began 2024.
According to okx Officer The announcement, the fine, includes a fine of $ 84 million and the fees earned from US customers forcibly forcibly include $ 421 million, most of which were institutional customers.
Aux Cayes Fintech CO. Ltd., accepted compliance failures, but emphasized that there was no allegation of the customer’s loss, and no company employees were charged.
OKX said that it voluntarily hired a compliance advisor to strengthen its regulatory practices before disposal and would continue to work with the advisor to increase its global compliance structure.
The company emphasized its dedication to regulatory compliance, citing investment in its customer processes, AML devices, transactions monitoring and financial crime investigation.
In the X Post on 24 February, OKX CEO Star XI reiterated the company’s dedication to regulatory transparency, stating that the company aims to establish OKX as an industry standard for compliance in international markets.
“We will continue to mature our compliance work and continue working together with global regulators. Our vision is to make OKX a gold standard of global compliance on scale in various markets and their respective regulatory bodies. I am proud of our company. ,
– Star Xi, OKX CEO
Basti is a milestone for the Cryptocurrency sector as regulators around the world have tightened their investigation of exchanges in many courts.
