The Cryptocurrency, which is based on Seychelle, acknowledged that it is guilty of running unlicensed recruitment work in the United States, and its approval to pay huge fines worth $ 505 million.
The charges, which I presented US Department of JusticeEmphasizing the alleged role of the stock market in facilitating more than $ 5 billion in suspicious transactions and criminal activity.
For years, OKX officially claimed that it prevents American users, but behind the scenes, prosecutors claim that the exchange allowed American traders intentionally to reach its platform. Court documents reveal that some OKX employees encouraged users to falsify information to overcome KYC procedures.
Between 2018 and early 2024, the United States -based traders are said to be headquartered to treat more than one trillion dollars in transactions on the stock exchange, generating hundreds of millions of profits. However, by failing to register as the MSB Services Company (FINCEN), OKX violated the anti -money laundering laws, exposing its platform for illegal activity.
Reports indicate that the compliance measures of the laxatives in Exchange enabled the funds associated with fraud, evading sanctions, and Darknet markets of unreasonable move. This comes Okx Global expansion, including the establishment of offices in Malta as a center to reach the European Union markets and compliance with Mika regulations.
OKX’s historical encryption penalty
OKX acknowledges is required to lose $ 420.3 million in illegal profits and pay an additional $ 84.4 million fine. The Stock Exchange also agreed to strengthen compliance measures, including the continuous supervision of the external compliance consultant until 2027. The organizers have warned that more marine exchanges may face similar audit.
Despite the legal setback, OKX confirms that American merchants were a small part of the total user base and attributed the failure of compliance to the “old gaps” in the organization. The company has since removed all US agents from its platform while strengthening monitoring and monitoring procedures.
This last campaign comes amid the growing organizational audit of marine exchanges, after significant enforcement measures against Binance and Bybit. With the Ministry of Justice tightening, the encryption industry is preparing for the most stringent compliance requirements, higher penalties, and possible investigations into other leading platforms.
