The OKX Ministry of Justice is targeted to violate the AML regulations, and ignore American restrictions

OKX Affiliate-Aux Cayes Fintech Co.

As part of a settlement with the Ministry of Justice, the company agreed to pay more than 500 million dollars, which includes a penalty of $ 84 million and the confiscation of approximately $ 421 million as acquired by American customers.

The organizers do not intersect with the Aml violations

According to the official advertisementThe investigation found that some American merchants had reached the global platform of the company due to the previous compliance gaps. However, Aux Cayes confirmed that these users have been removed since then.

While the company accepted the responsibility of organizational deficiencies, it indicated that affected users are only a small part of its total customer base. No employees of the company faced individual fees, and no observation has been imposed by the government as part of the decision.

In an attempt to improve its organizational framework, the OKX AUX Cays voluntarily recruited the compliance consultant to address the shortcomings and enhance censorship, a procedure for follow -up.

“The Ministry of Justice also noted in the agreement to solve the issue, the company cooperated with the Ministry of Justice; the company appreciates their cooperation in this decision. OKX is proud to be a reliable place to encrypt for millions of people all over the world, and constantly supports local laws and regulations in all the countries in which we work. We started as a start And over time we have taken positive measures to treat potential gaps, which is the spirit of the company’s decision here.

Seven years of organizational failures

Meanwhile, American lawyer Matthew Podolski Call OKX due to the constant lack of compliance with the anti -money laundering laws in the country and stated that the stock exchange has intentionally failed to implement the necessary guarantees for more than seven years. As a result, the platform was said to have facilitated more than $ 5 billion of suspicious transactions and illegal returns, thus exposing the weaknesses of the financial system.

The authorities have also criticized the company to wandering actively in knowing the regulations of your customer (KYC). They shed light on how its employees are devoted to US agents on how to falsify information to overcome restrictions.

In April 2023, an OKX employee issued instructions to an American agent to enter a false nationality and identity. In January 2024, the employee himself made a possible American agent, asking whether they had found any alternative method to complete the KYC verification from outside the country.

Although American users were officially banned, OKX has been announced in the United States, as it sponsors events such as the Trebika Film Festival and the use of customer to attract customer. The company also motivated the current users to employ others, with at least one customer created a general guide about using VPN to reach the arterial system. In addition, OKX has actively met the needs of institutional customers in the country, one of whom conducted more than one trillion dollars in transactions.

This is not the first time that OKX has been involved in legal problems on permissions and licenses. Last February, the South Korea Financial Intelligence Unit (FIU) received complaints from the Daxa Exchange Association (DAXA) regarding the improper registration for coding in the country.