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OKX Pays U.S. Government $500 Million Fine

Olumide Adesina•Tuesday, February 25, 2025•1 min read

OKX settled with the U.S. government for failing to obtain a license to operate as a financial transmitter in the world’s largest economy.

 

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According to a press release, OKX subsidiary Aux Cayes FinTech and the Department of Justice came to an agreement whereby the company paid over $500 million in penalties and forfeited fees.

“OKX blatantly broke American law for years, aggressively pursuing clients in the US … and even advising people to give false information to get around necessary procedures,” Acting U. S. Matthew Podolsky, an attorney. “Consequently, over $5 billion in illicit transactions and criminal proceeds were made possible by OKX. “.

Seychelles-based cryptocurrency exchange OKX pleaded guilty to one count of operating an unlicensed money transmission business and was fined $504 million on Monday, according to a press release from the Attorney’s Office.

According to the lawsuit, OKX stated that it had a stringent policy that forbade U.S. S persons from using its platform, but secretly allowed U. S citizens to conduct more than $5 billion worth of trades on the exchange.

The platform allegedly assisted its U. S. Customers with the weak controls that were ostensibly put in place. OKX was eventually caught in the act, and the evidence seemed strong that the platform chose to enter a guilty plea and pay the hefty $504 million fine.

 

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ABOUT THE AUTHOR See More
Olumide Adesina
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
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