• 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

Nvidia's Strategic Acquisition of Groq Enhances AI Capabilities

chest

Nvidia's acquisition of Groq is a strategic decision to neutralize competition and enhance its AI capabilities.

user avatarRajesh Kumar

AI Outperforms Human Traders in Aster DEX Competition

chest

The Human vs AI trading competition at Aster DEX concluded with AI models demonstrating superior trading efficiency, resulting in significantly lower losses compared to human traders.

user avatarMiguel Rodriguez

Shiba Inu Investors Look to 2026 for New Opportunities

chest

Shiba Inu investors are shifting their focus to 2026, seeking new catalysts for price recovery, including potential regulatory changes and developments within the Shiba Inu ecosystem.

user avatarLuis Flores

S&P 500 Hits Record High as Tech Stocks Surge

chest

The S&P 500 index reached a record high of 6,909.79, driven by gains in technology stocks like Nvidia and Alphabet, alongside a reported 4.3% GDP growth.

user avatarMaria Gutierrez

Prediction Markets Enter Fully Agent-Driven Phase

chest

Prediction platforms are evolving to integrate fully autonomous agent economies, enhancing their scalability and reliability.

user avatarDavid Robinson

AI to Transform Enterprise Workflows and Regulatory Demands

chest

The next phase of AI adoption will require businesses to implement explainable AI systems and verifiable models to meet rising complexity in automation and compliance.

user avatarArif Mukhtar

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.