Policy, OKX, OKCoin, DOJ In February, the Seychelles-based trade paid the DOJ $500 million to settle costs it had operated within the U.S. and not using a cash transmitter license.
Seychelles-based cryptocurrency trade OKX is increasing to the U.S., establishing a brand new regional headquarters in San Jose, California and rolling out entry to its platform and its native OKX Wallet to U.S.-based crypto merchants.
In a Tuesday night announcement, newly-appointed CEO Roshan Robert stated the growth was “a commitment to responsible growth.” Robert was most not too long ago an government at institutional crypto lending platform CLST, and was a founding workforce member of crypto prime dealer Hidden Road, which was recently acquired by Ripple for $1.25 billion.
“As regulations evolve, OKX is working closely with US regulators and policymakers to ensure we operate transparently and compliantly,” Robert wrote. “We’ve built a comprehensive, risk-based global compliance program that includes enhanced due diligence, a robust KYC process, customer risk rating systems, advanced fraud detection, AML tools, geo-blocking, and market surveillance technologies. These are all part of our commitment to a secure, compliant trading environment.”
Two months in the past, a subsidiary of OKX settled charges that it had operated within the U.S. and not using a cash transmitting license, agreeing to pay the Department of Justice (DOJ) over $500 million in penalties and forfeited charges. The DOJ alleged that, regardless of having an official coverage prohibiting U.S.-based customers from accessing its platform, OKX “sought out customers in the United States, including in the Southern District of New York.”
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OKX will not be the primary crypto firm to eye an growth or a return to the U.S., which has grown significantly friendlier to the crypto trade beneath U.S. President Donald Trump’s administration. Earlier this month, token launch platform CoinList announced a return to the U.S. after 5 years away, and larger names — including Binance, the world’s largest crypto trade — are reportedly contemplating returning to the U.S.
Existing prospects of OKCoin, the U.S.-accessible sister firm of OKX, will likely be “seamlessly migrated” to the OKX platform, which can supply prospects “deeper liquidity, lower fees and advanced trading tools,” based on the corporate’s launch announcement.
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