OKX Launches U.S. Operations After $505M Settlement

OKX, a cryptocurrency exchange based in the Seychelles, has officially begun its operations in the United States. The launch includes its centralized trading platform and the OKX Wallet, which are now available to U.S. users. As part of its expansion strategy, the company has established a regional hub in San Jose, California.

This development follows a significant settlement with the U.S. Department of Justice (DOJ) just two months prior. OKX paid over $500 million to resolve a case where authorities alleged that the company operated in the U.S. without the necessary licensing. The DOJ claimed that OKX allowed American users to trade on its platform despite internal policies that prohibited such activity.

In February, an affiliate of OKX, Aux Cayes FinTech Co., Ltd., reached a settlement with the DOJ after an extensive investigation. The case centered on services provided to U.S. users without a money transmission license. According to the settlement terms, the company paid a total of approximately $505 million. This amount included $84 million in civil penalties and around $421 million in revenue from U.S. users that had to be forfeited.

The DOJ asserted that OKX had internal policies designed to block U.S. residents from accessing the platform. However, some employees were accused of assisting users in circumventing these restrictions by instructing them to provide false information. A DOJ spokesperson stated, “The company violated U.S. laws despite its own internal controls.”

OKX confirmed that the accounts associated with the settlement have been removed from the platform and that user funds were not impacted during the investigation.

As part of the rollout, users of OKCoin in the U.S. will be transitioned to the OKX platform. OKCoin is a U.S.-accessible exchange linked to OKX. The company stated that this migration will offer users improved trading conditions, such as enhanced liquidity and reduced fees. The transition will be gradual, with services introduced in phases before a full nationwide launch later in 2025. Customers will be notified as their accounts are moved.

Roshan Robert has been appointed as the CEO for OKX’s U.S. operations. His professional background includes leadership roles at CLST, as well as previous positions at Morgan Stanley and Barclays. He was also a founding member of Hidden Road, a digital asset firm that was recently acquired by Ripple.

OKX has implemented a comprehensive compliance plan as part of its U.S. expansion. The framework includes customer identity verification, tools to detect and prevent money laundering, geographic access controls, and active market monitoring systems. In a company update, Robert stated that OKX is “focused on building responsibly in the U.S.” and is collaborating with regulators to meet all requirements. He added, “We are working to provide a trusted and transparent platform for digital asset traders.”

The move by OKX comes at a time when crypto firms are showing renewed interest in the U.S. market. Changes in the political landscape, including the current administration’s approach to digital assets, have led to more companies restarting operations in the country. CoinList recently announced its return after several years, and other major exchanges, including Binance, are also reported to be considering a U.S. comeback. OKX’s expansion positions it among a growing list of firms aiming to gain ground as regulatory conditions continue to evolve.