OKX has agreed to pay over $500 million in penalties for violating US anti-money laundering laws and operating without a license.
US Authorities' Stance on OKX
The US Department of Justice and the FBI have accused OKX of deliberately serving US customers in violation of anti-money laundering laws. Authorities accused the exchange of actively assisting American users in bypassing restrictions and concealing their identities.
OKX’s Compliance Failures Exposed
OKX failed to implement proper AML and KYC measures, allowing users to create accounts without identity verification until 2022. Even after these requirements were introduced, some OKX employees allegedly helped users bypass these checks.
OKX’s US Market Strategy
Despite officially banning US users, OKX aggressively promoted its services in the US market, including sponsoring the Tribeca Film Festival in New York and using affiliates to promote the platform.
The OKX case highlights US authorities' efforts to tighten control over cryptocurrency exchanges. OKX has acknowledged its past compliance failures and aims to become a benchmark in regulatory compliance.
