The US Department of Justice is settling $ 500 million with OKX, which is affiliated with compliance

The US Department of Justice (doj) and Aux Cayes Fintech Co. arrived.

We have the Ministry of Justice Access to settlement with OKX

OKX has reached a settlement of more than $ 500 million, which includes 84 million dollars of sanctions and the confiscation of about $ 421 million as acquired by American customers. The heavy settlement comes after OKX fails to obtain the necessary license to work as a money sender in the United States.

Ministry of Justice investigation It revealed that OKX has been actively following the US agents despite the demand to prevent us from reaching the United States since 2017. According to investigations, OKX employees were reported to advise users to provide wrong information about their site in order to evade restrictions. Moreover, the company was working in the American advertisement, such as sponsoring the Tripika Film Festival, and facilitating residents’ ways to use VPNS to reach the platform.

Although the Ministry of Justice has not emphasized any customer damage, the issue highlights the serious legal and regulatory risks facing the exchange of encryption when working across the border without following local laws.

“In appreciation of these gaps, the company retained, with its own initiative, voluntarily with a compliance consultant to help treat issues and enhance the public compliance program, and plans to continue this consultant in the future,” the company stated.

The settlement also shows the increasing audit and enforcement procedures from the American authorities aimed at encrypted currency companies.

OKX has since taken steps to address these compliance problems, including maintaining the compliance consultant to help improve its future practices.

Also read: OKX warning cases from the “BOM” malware linked to theft