• 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

10 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

US Coast Guard Allegedly Boards Venezuelan Oil Tanker in Caribbean

chest

Reports suggest that the US Coast Guard recently boarded a tanker carrying Venezuelan oil in the Caribbean, although no official governmental confirmations have surfaced yet.

user avatarFilippo Romano

Aster and Yooldo Games Shine in a Year of Token Underperformance

chest

Aster and Yooldo Games have emerged as standout performers in a year where most tokens have struggled, with Aster seeing a FDV increase of over 740% and Yooldo Games over 530%.

user avatarEmily Carter

November CPI Distorted by Government Shutdown, Says Fed President

chest

November CPI distorted due to government shutdown, says Fed President John Williams.

user avatarTomas Novak

Implied Volatility Declines Ahead of Year-End

chest

Implied volatility for Bitcoin has compressed to 44, indicating weaker demand for near-term hedges.

user avatarMaya Lundqvist

Brooklyn Man Indicted in Major Coinbase Phishing Scheme

chest

Ronald Spektor, a 23-year-old from Brooklyn, was indicted on 31 counts for running a phishing scheme targeting Coinbase users, stealing digital assets by impersonating a company representative.

user avatarKaterina Papadopoulou

Address Poisoning Scams Result in Over 100 Million in Losses

chest

Address poisoning scams have resulted in over 100 million in losses in 2024, highlighting the escalating concern regarding personal wallet security.

user avatarLeo van der Veen

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.