OKX Operator Pleads Guilty, Agrees to $505 Million Settlement for Unlicensed Operations

• OKX’s operator pleaded guilty to unlicensed money-transmitting, agreeing to a $505 million settlement.
• The company processed over $5 billion in suspicious transactions for U.S. customers between 2018 and 2024.
• OKX will employ an external compliance consultant through February 2027 to enhance regulatory practices.

Aux Cayes FinTech Co., the operator of the cryptocurrency exchange OKX, has pleaded guilty to operating an unlicensed money-transmitting business in violation of U.S. anti-money laundering laws. As part of its settlement agreement, the company has agreed to pay fines totaling nearly $505 million and forfeiture charges.

According to the U.S. Department of Justice, the Seychelles-based entity confessed to processing U.S. transactions although it had forbidden such operations since 2017. OKX generated substantial profit through their suspicious transactions involving criminal funds by processing $5 billion from 2018 until early 2024 which produced noteworthy fees.

This legal settlement involved a $84.4 million monetary penalty together with U.S. clients’ fee revenue worth $420.3 million which must be surrendered. As part of the agreement, OKX must employ an external compliance consultant through February 2027 to enhance its regulatory practices. 

Aux Cayes FinTech acknowledged historical compliance failures but emphasized that no allegations of customer harm were made, and no company employees were charged. OKX declared U.S. customers represent a minute percentage of its worldwide users yet decided to discontinue all services for them through their platform.

OKX operates throughout different global regions by establishing nonprofit centers in Hong Kong and the United Arab Emirates as well as The Bahamas and France. OKX formed business partnerships with Manchester City and McLaren as well as other brands and sports teams. 

OKX’s parent company affirmed its dedication to enhance compliance procedures through global regulator collaboration that safeguards applicable laws along with regulations.