OKX Re-enters US Market After $505M Settlement, Appoints New CEO

OKX, a Seychelles-based cryptocurrency exchange, has announced its reentry into the US market following a significant settlement with the Department of Justice (DOJ). The exchange has appointed Roshan Robert, a former director at Barclays, as its US CEO to oversee this strategic move. Robert expressed enthusiasm about the launch, stating that OKX's centralized crypto exchange and OKX Wallet will be available in the United States, with a regional headquarters established in San Jose, California.

All existing users of Okcoin, OKX's previous platform, will be transitioned to the new platform. This migration is expected to enhance the overall user experience by providing deeper liquidity, lower fees, and advanced trading tools. The rollout of the new platform will be phased to ensure a smooth and secure onboarding process for new customers, with a broader nationwide launch planned for later in 2025.

OKX has also committed to integrating with local banks and supporting major assets such as Bitcoin (BTC), Ether (ETH), USDt (USDT), and USDC (USDC). The company maintains a global proof of reserves for all its assets, which is published monthly by the cybersecurity firm Hacken. Additionally, OKX Wallet will be available to US-based customers, supporting 130 blockchains and featuring a decentralized exchange (DEX) aggregator that provides access to over 10 million tokens on platforms including Ethereum, Solana, and Base.

This reentry into the US market comes after OKX faced legal challenges and agreed to pay $505 million in fines and penalties. The exchange admitted to operating an unlicensed money-transmitting business in violation of US Anti-Money Laundering laws. As part of the settlement, OKX agreed to pay $84 million in penalties and forfeit $421 million in fees earned primarily from institutional clients. Following the investigation, OKX has committed to improving its compliance efforts and seeking out a compliance consultant to address the issues revealed by the federal probe. OKX's CEO, Star Xu, stated that the company aims to set a global standard for compliance across different markets and regulatory bodies.