• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

OKX to Pay $504M for Breaking AML Laws

user avatar

by Giorgi Kostiuk

9 months ago

Cryptocurrency exchange OKX has admitted to breaking US anti-money laundering laws and has agreed to pay a $504 million fine.

Accusations Against OKX

Federal prosecutors allege that despite claims of restricting US users, OKX actively aided American traders in bypassing identity verification checks. The lawsuit states that OKX employees instructed users to provide false information during account registration.

OKX flagrantly violated US law, enabling billions in suspicious transactions.Acting U.S. Attorney Matthew Podolsky

Settlement Outcomes

The $504 million fine marks one of the largest penalties for a crypto exchange violating AML laws. This settlement follows a similar case against Binance last year, which paid $4.3 billion for non-compliance with US laws.

Increased Regulatory Pressure on Crypto Exchanges

The OKX case highlights the growing regulatory pressure on crypto companies operating in the US without proper authorization. Authorities have warned that offshore exchanges must adhere to AML regulations or face legal consequences.

The OKX case exemplifies regulators' commitment to enforcing anti-money laundering laws seriously. Increased regulatory oversight is likely to be a significant factor in OKX's global operations.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Mutuum Finance Introduces Leaderboard Incentives and Security Measures

chest

Mutuum Finance has launched a leaderboard incentive program and is undergoing an independent security audit to enhance investor confidence.

user avatarNguyen Van Long

Bybit Endorses Siacoin's Security-Focused v2110 Upgrade

chest

Bybit announces support for Siacoin's v2110 network upgrade, focusing on security and scalability enhancements.

user avatarSatoshi Nakamura

Kaspa Token Experiences Significant Price Movement

chest

The Kaspa token surged over 60% in five days but faced a 10% pullback recently, raising questions about its future trajectory.

user avatarRajesh Kumar

Analysts Identify Key Levels for Kaspa's Next Move

chest

Analysts from Kaspa Daily have identified key price levels for Kaspa, suggesting that a move above 0.065 could lead to upward momentum, while failing to hold support near 0.04 may change the technical outlook.

user avatarJesper Sørensen

Kaspa's Sentiment Shift Indicates Potential for Continued Growth

chest

Recent market activity has shown a significant shift in community sentiment for Kaspa, with confidence levels rising above 90% as the price broke above 0.06.

user avatarLucas Weissmann

Funding Rate Trends Reflect Shifting Market Posture for ZEC

chest

ZEC's funding rate trends indicate a shift in market sentiment, with recent data showing a return to neutral funding as the asset tests a decisive technical zone.

user avatarFilippo Romano

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.