- OKX Exchange relied on guilty of running an unlicensed money transfer business.
- The stock exchange agreed to pay $ 505 million in fines.
One of the best cryptout changes, OKX went to the headlines today to run an unlicensed business. It agreed to pay about $ 505 million in fines for violating US rules against money laundering. Most of these violations occurred from 2018 to 2024.
According to the latest Report Published by OKX, its operator Aux Cayes fintech loose doj investigation. Aux Cayes Fintech Co. Ltd. Recognized the fact that it did not have a license to function as the money. It said further,
“The company acknowledged that some American customers had previously acted on the company’s global platform.”
US lawyer threw the OKX connection despite the settlement
OKX Crypto Exchange mentioned that there were no allegations of customer injury and fees on any employee. However, American lawyer Matthew Podolsky accused the exchange deliberately violated laws. On another remark, the FBI Assistant Director, who is responsible for James E. thishy, said that OKX even advised customers to provide false information.
The exchange was also published in its official X account intimating They had solved the doj investigation. They had a small proportion of customers who used their international services due to historical compliance gaps. In addition OKX Exchange Also emphasized that their compliance controls are among the leaders in the industry.
In one of his posts, OKX’s CEO -Star Xu pronounced,
“Our vision is to make OKX the gold standard for global compliance in scale over different markets and their respective supervisory bodies.”
Nevertheless, the current incident puts a precedent to other crypto replacements in the country. It emphasizes the importance of exchanges following the KYC and AML rules and regulations.
Marked crypto news today:
Sec reviews grayscale cardano ETF suggestions in the midst of growing institutional interest
