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OKX launches US operations after paying $504M in DOJ charges for previously unlicensed operations
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Roshan Robert, new CEO of the United States, to lead regulatory engagement efforts
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Expansion of Web3 wallet includes 300+ crypto assets and new headquarters in Silicon Valley
The cryptocurrency exchange OKX relaunched their U.S. operations only weeks after settling legal disputes with federal authorities. The company has launched a new centralized platform for trading and a Web3 self-custody wallet for US users. It also appointed a regional CEO and opened its American headquarters, located in San Jose, California.
This US market entry follows OKX’s February 20,25 agreement to pay more than $504 million in fines. This settlement was a result of a guilty plea in relation to unlicensed operations previously in the US. The Department of Justice claimed that the exchange had handled over $1 trillion worth of US customer transactions without authorization.
Related OKX Wins Major European MiFID II License to Regulate Crypto Derivatives Trading
The settlement ended months of investigations into OKX’s compliance with anti-money laundering laws (AML) as well as licensing laws. The exchange is now directly regulated in the US, as it attempts to rebuild on one of the most demanding financial markets in the world.
Who will lead OKX’s new US compliance push?
OKX has appointed Roshan Robert to lead its new American division. Robert has a background in capital markets and regulatory compliance, which the company stressed is crucial for aligning itself with evolving US digital assets rules.
OKX said Robert will focus on engaging U.S. regulators, and guiding the platform’s compliance strategy. Robert stated in the company statement that the U.S. is advancing crypto regulatory transparency, which gives us tremendous opportunities to deliver compliant, secure digital asset solutions.
RelatedAfter the Bybit hack, European regulators now question if OKX was involved
This US relaunch is a part of OKX’s global strategy. OKX, a Seychelles-based company founded in 2017, has recently expanded into Europe, Asia and the Middle East. The company has reported that it will have created over 53 million wallets via its Web3 service before mid-2024, and will support over 300 digital assets through its main exchange.
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