- OKX is back in US market
- OKX pays $505 million in settlement of US Department of Justice claims
- They bring new CEO Roshan Robert for US operations and update the strategy for the US market
OKX is back in US market after it agreed to pay $505 million as part of a settlement with the US Department of Justice for operating without a license and violating anti-money laundering laws.
For their relaunch in the US market, they appointed new CEO Roshan Robert and updated their strategy and security measures such as identification procedures, fraud detection, and geolocation blocking.
More on OKX’s Return to the US Market
Let’s start by recalling why OKX has to “return” in the first place. On February 24, 2025, Aux Cayes FinTech Co. Ltd., the operator of the OKX cryptocurrency exchange, pled guilty to operating an unlicensed money-transmitting business in violation of US law. The case was heard in the US District Court for the Southern District of New York, and as part of the plea agreement, OKX agreed to pay penalties and forfeitures totaling more than $504 million.
Acting US Attorney Matthew Podolsky commented on the matter in strong terms:
“For over seven years, OKX knowingly violated anti-money laundering laws and avoided implementing required policies to prevent criminals from abusing our financial system. As a result, OKX was used to facilitate over five billion dollars’ worth of suspicious transactions and criminal proceeds. Today’s guilty plea and penalties emphasize that there will be consequences for financial institutions that avail themselves of U.S. markets but violate the law by allowing criminal activity to continue.”
However, OKX moved swiftly to take corrective action and return to the US market, as the company announced in a recent post on X.
Specifically, OKX appointed Roshan Robert — formerly a director at Barclays — as the new CEO responsible for its US operations. In addition, OKX will launch a new centralized crypto platform and integrate its OKX Wallet with updated security and user identification mechanisms to meet US regulatory requirements, including identity verification procedures, fraud detection, and geolocation-based access controls. The company will also maintain a proof-of-reserves system with monthly disclosures and audits conducted by Hacken.
Conclusion
It’s worth noting that OKX responded quickly to the situation, clearly demonstrating that it did not want to lose access to the US market — especially amid an increasingly favorable regulatory environment that is making cryptocurrencies more accessible to the average American.
At the same time, OKX remains one of the top crypto platforms globally, and it rightfully has a large base of loyal users, including in the US, many of whom would have been highly disappointed if the matter hadn’t been resolved this quickly. Stay tuned for updates, and be adaptive in the rapidly evolving technology, blockchain, and crypto landscape.
