Aux Cayes FinTech, the operator of the OKX cryptocurrency exchange, has pleaded guilty to illegal money-transmitting in the US and has agreed to pay a $505 million fine as part of a settlement agreement.
Legal Settlement
According to the US Department of Justice, the Seychelles-based company knowingly violated anti-money laundering laws by processing suspicious transactions worth $5 billion from 2018 to 2024.
Compensations and Compliance Consultant
The settlement agreement involves an $84.4 million penalty along with the surrendering of US clients' fee revenue amounting to $420.3 million. OKX is also required to employ an external compliance consultant through February 2027.
Future Plans and Company Commitments
Aux Cayes FinTech acknowledged past compliance failures but emphasized that no allegations of customer harm were made, and no company employees were charged. In planning for the future, OKX confirmed its intention to cease services for US clients and focus on enhancing global regulatory compliance practices.
OKX is committed to improving its regulatory practices and collaborating with global regulators, despite ceasing services to US customers.
