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OKX Hit With $505 Million Fine for Violating US Money Laws
Last Updated: February 25, 2025
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Key Takeaways
- OKX's Aux Cayes FinTech Co. Ltd admitted to running an unlicensed money business and will pay $505 million in fines and forfeited earnings;
- US authorities accused the OKX affiliate of enabling $5 billion in suspicious transactions and helping users bypass security checks;
- OKX pledged to strengthen compliance and work with a consultant to improve regulatory oversight.
The company behind the cryptocurrency exchange OKX
As part of the settlement with the US Department of Justice (DOJ), OKX's Aux Cayes FinTech Co. Ltd will pay $84 million in fines and forfeit $421 million in earnings, mostly from institutional clients.
In a statement on February 24, the OKX affiliate acknowledged that due to past compliance failures, some US users had been able to trade on its global platform.
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However, OKX emphasized that these users made up only a small portion of its total customer base and that none remain on the platform today.
Despite this, US authorities condemned the company’s actions. Acting US Attorney Matthew Podolsky accused the OKX affiliate of knowingly breaking anti-money laundering laws and allowing over $5 billion in questionable transactions.
FBI Assistant Director James E. Dennehy further alleged that the company advised users on how to bypass security checks by providing false information, calling such actions a "blatant disregard for the rule of law".
OKX plans to work with a consultant to improve regulatory oversight and prevent similar problems in the future. CEO Star Xu reaffirmed this commitment, saying in a February 24 post on X that OKX aims to become a leader in global compliance across different regulatory markets.
Meanwhile, the founders of EmpiresX recently faced $130 million in fines and restitution. What happened? Read the full story.
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