Cryptocurrency exchange OKX’s Aux Cayes FinTech Co. Ltd affiliate has settled with the U.S. Department of Justice, and has agreed to pay over $500 million worth of penalties after pleading guilty to serving U.S. customers without a money transmitter license and not following anti-money laundering laws.
OKX will criminally forfeit $420.3 million, according to a DOJ statement, and pay an $84.4 million criminal fine. The $420.3 million represents fees earned from U.S. customers, which the firm said are no longer trading on its platform. Officials said that OKX allowed illicit transactions to flourish on its platform.
FBI Assistant Director in Charge James E. Dennehy said: “For years, OKX flagrantly violated U.S. law, actively seeking customers in the United States—including here in New York—and even going so far as to advise individuals to provide false information to circumvent requisite procedures.”
Editor’s note: This is a breaking news story and will be updated.
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