OKX exchange settles with the DoJ
OKX has reached a settlement with the U.S. Department of Justice, agreeing to pay over $500 million. The exchange admitted to compliance violations. It acknowledged that some U.S. users used its services without the required licenses. The settlement concludes a lengthy investigation into the company.
The crypto exchange called it a past mistake. Furthermore, the company claims to have the best compliance standards in the industry. They stressed the importance of working with regulators. OKX said the issue is fixed now. They will pay a fine and give up user fees to comply with regulations.
On February 25, the company stated, “We worked with the US Dept of Justice during their investigation of our business.” In addition, the exchange said a small number of customers used their international services because of past compliance issues.
In addition, the OKX team said that it will keep operating as usual, and their CEO will stay in charge. The company added that it follows all laws and rules in every market it works in.
The DoJ has a strict stance on cryptocurrency. Officials called OKX’s past actions “serious violations” and “clear disregard” for the law. Unlike the SEC, which has dropped lawsuits against Coinbase and OpenSea, the DoJ is still penalizing major exchanges.
