The post OKX Pleads Guilty to U.S. Violations – Faces $500M Settlement appeared first on Coinpedia Fintech News
OKX Plead Guilty! OKX, one of the largest cryptocurrency exchanges, has settled with the U.S. Department of Justice (DOJ) over legal violations. The exchange admitted to failing to obtain the required license to operate in the U.S. and agreed to pay over $500 million in penalties and forfeitures.
What went wrong?
The DOJ found that OKX sought out U.S. customers despite a long-standing policy banning them from the platform. Acting U.S. Attorney Matthew Podolsky stated that the exchange facilitated billions in criminal proceeds and suspicious transactions. The settlement does not include allegations of direct harm to customers.
Notably, OKX’s American subsidiary, OKcoin, also faced similar scrutiny from the Commodity Futures Trading Commission (CFTC). A subpoena dated February 24, 2024, referenced fraud and other illegal activities related to digital asset tran
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