OKX to Pay Over $504 Million in U.S. Justice Department Settlement

Aux Cayes FinTech Co, the operator of the bitcoin exchange OKX since 2017, has admitted to operating an unlicensed money transmission business in the United States.

OKX pleads guilty to violating U.S. anti-money laundering laws and agrees to pay penalties totaling more than $500 millionhttps://t.co/8rr5e74qrG

— US Attorney SDNY (@SDNYnews) February 24, 2025

Under the agreement with the Department of Justice, the firm will pay a fine of $84.4 million and return illegally obtained income amounting to $420.3 million.

“For more than seven years, OKX knowingly violated anti-money laundering laws and evaded implementing policies to prevent criminal abuses in our financial system. As a result, the exchange was used for transactions of suspicious funds and criminal proceeds totaling more than $5 billion,” stated Acting U.S. Attorney for the Southern District of New York, Matthew Podolsky.

The department noted that OKX actively offered financial services to U.S. citizens but did not register with FinCEN. The platform failed to file reports under AML programs and did not implement necessary KYC procedures.

Prosecutors also noted that in early 2024, OKX hired a compliance consultant and actively cooperated with the investigation.

According to the statement from the exchange, the Justice Department’s claims concerned control deficiencies that allowed a “small number” of U.S. clients to trade on the platform.

Prosecutors did not allege harm to anyone nor did they bring any criminal charges against company employees, OKX emphasized. 

According to the press release, the majority of the amount to be reimbursed came from a “small number” of institutional clients.

“OKX prides itself on being a crypto platform trusted by tens of millions of people worldwide and always strictly adheres to local laws and regulations in all countries where it operates. We started as a startup and over time have taken active steps to address our shortcomings, and this spirit is reflected in this agreement,” the statement reads.

Registered in the Seychelles, Aux Cayes FinTech Co is described as a subsidiary of OKX in the statement.

Earlier, the exchange was among the first to receive a MiCA license and passport its services in the European Economic Area.