OKX admitted to violating US regulations, agreeing to pay a significant fine and forfeiting substantial commissions.
Fine and Forfeiture of Commissions
OKX agreed to pay a fine of $84 million for operating as an unlicensed money transmitting business. The company also forfeited $421 million in commission fees from US customers.
Company's Statement and Compliance Measures
The company acknowledged 'legacy compliance gaps' that allowed some US customers to trade on its global platform in the past. OKX stated that these users are no longer active. It has retained a compliance consultant to enhance its regulatory framework.
US Department of Justice's Stance
Acting U.S. Attorney Matthew Podolsky stated that OKX knowingly violated anti-money laundering laws for over seven years, failing to implement necessary policies to prevent criminal activity. This facilitated over five billion dollars in questionable transactions. 'Today's charges and sentences underscore accountability for law violations,' Podolsky said.
OKX will continue to comply with regulations and work with regulators to improve its services.
