OKX, one of the greatest cryptocurrency exchanges, was established with US authorities for not obtaining a license to operate as a money transmitter, the exchange announced Monday.
Aux Cayes Fintech Co. Ltd., an OKX affiliate, is the specific part that was established with the United States Department of Justice, paying more than $ 500 million in fines and lost rates, according to a press release.
OKX could not ensure a money transmitter license, the exchange said, without detailing what state the license could have been issued. A Press statement from the DOJ said “OKX sought customers in the United States, even in the Southern New York District.”
A person familiar with the situation told Coindesk that the agreement resolved the accusations of fraudulent activities and not satisfied in the exchange that took place in recent years.
The DOJ press release said OKX facilitated more than $ 5 billion in “suspicious transactions and criminal gains,” citing the US prosecutor Matthew Podolsky.
Okcoin, the US Division of OKX, also received a summons issued by the Basic Products Trade Commission (CFTC) on February 24 of last year. Coendesk saw the cover of the citation, which refers to “certain people dedicated to fraud and other illegal behavior with respect to digital asset transactions.”
A second person said that the CFTC probe in Okcoin is related to the flash block last year of the native exchange file after the sudden fall in the price of Token OKB on January 23, 2024. OKX told the users that would be compensated for losses resulting from the collide.
An internal document circulated to OKX personnel in January 2024 highlighted “a new ethics and compliance aid to provide a confidential and safe space for you to raise concerns or problems on ethical behavior, policy violations or suspicious illegal behavior.”
OKX representatives did not immediately respond to comments requests. A CFTC spokesman declined to comment.
Update (February 24, 2025, 21:35 UTC): Add additional information.
