04-16-2025, 12:35 PM
OKX reenters US market following $505M DOJ settlement
<p style="float:right; margin:0 0 10px 15px; width:240px;"><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDQvMDE5NjNkOTQtNzMyZS03NjdkLWIwNDYtMjg1NWE2ZDc5M2Mz.jpg"></p><p><p style="float:right; margin:0 0 10px 15px; width:240px;"><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDQvMDE5NjNkOTQtNzMyZS03NjdkLWIwNDYtMjg1NWE2ZDc5M2Mz.jpg" alt="OKX reenters US market following $505M DOJ settlement"></p><p>Seychelles-based cryptocurrency exchange OKX announced that it is reentering the US market.<p><a data-ct-non-breakable="null" href="https://www.okx.com/learn/bringing-okx-to-the-united-states-a-new-era-for-crypto-and-web3-innovation" rel="nofollow noopener" target="_blank" text="null" title="https://www.okx.com/learn/bringing-okx-to-the-united-states-a-new-era-for-crypto-and-web3-innovation">According</a> to an April 16 blog post, <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/okx-review" rel="" target="_self" text="null" title="https://cointelegraph.com/learn/articles/okx-review">OKX</a> will return to the United States market along with the appointment of former Barclays director Roshan Robert as its US CEO. Robert said in the post:</p><blockquote>“Today, I’m thrilled to announce the launch of OKX’s centralized crypto exchange and OKX Wallet in the United States, alongside the establishment of our regional headquarters in San Jose, California.“</blockquote><p>All existing Okcoin users will be migrated to the new platform, which Robert said will lead to a better overall experience. The promised improvements include deeper liquidity, lower fees and advanced trading tools.</p><figure><img alt="OKX reenters US market following $505M DOJ settlement" src="https://s3.cointelegraph.com/uploads/2025-04/01963db5-7bf4-7c7d-9e7f-b48577e4ecb2" title=""><figcaption style="text-align: center;"><p><em>Source: </em><a data-ct-non-breakable="null" href="https://x.com/okx/status/1912318152152887640" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/okx/status/1912318152152887640"><em>OKX</em></a></p></figcaption></figure><p><em><strong>Related: </strong></em><a data-ct-non-breakable="null" href="https://cointelegraph.com/news/standard-chartered-okx-pilot-off-exchange-collateral-institution" rel="" target="_self" text="null" title="https://cointelegraph.com/news/standard-chartered-okx-pilot-off-exchange-collateral-institution"><em><strong>Standard Chartered and OKX pilot crypto, tokenized fund collaterals</strong></em></a></p><h2>Step by step</h2><p>OKX will not roll out the upgrade in one shot. Instead, the new platform will take a phased approach to onboard new customers. The exchange plans to follow the cautious approach with a nationwide launch later in 2025.</p><p>“We’re beginning with a phased rollout for new customers to ensure a smooth and secure onboarding process, with a broader nationwide launch planned later this year,“ Robert said.</p><p>OKX also promised integrations with local banks and support for major assets, including Bitcoin (<a data-ct-non-breakable="null" href="/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>), Ether (<a data-ct-non-breakable="null" href="/ethereum-price" rel="null" target="null" text="null" title="null">ETH</a>), USDt (<a data-ct-non-breakable="null" href="/tether-price-index" rel="null" target="null" text="null" title="null">USDT</a>) and USDC (<a data-ct-non-breakable="null" href="/usdc-price-index" rel="null" target="null" text="null" title="null">USDC</a>). Robert noted that the company maintains a global proof of reserves for all its assets, which is <a data-ct-non-breakable="null" href="https://hacken.io/audits/okx/" rel="nofollow noopener" target="_blank" text="null" title="https://hacken.io/audits/okx/">published</a> monthly by cybersecurity firm Hacken.</p><p>Hacken had not responded to Cointelegraph’s request for comment by publication time.</p><p>In addition to its trading platform, the firm is also rolling out OKX Wallet to its US-based customers. The wallet supports 130 blockchains and features a <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/what-are-decentralized-exchanges-and-how-do-dexs-work" rel="" target="_self" text="null" title="https://cointelegraph.com/learn/articles/what-are-decentralized-exchanges-and-how-do-dexs-work">decentralized exchange (DEX)</a> aggregator, allowing access to over 10 million tokens on platforms including Ethereum, Solana and Base.</p><p><em><strong>Related: </strong></em><a data-ct-non-breakable="null" href="https://cointelegraph.com/news/malta-fines-okx-crypto-exchange-1-2-million-aml-breaches" rel="" target="_self" text="null" title="https://cointelegraph.com/news/malta-fines-okx-crypto-exchange-1-2-million-aml-breaches"><em><strong>Malta regulator fines OKX crypto exchange $1.2M for past AML breaches</strong></em></a></p><h2>OKX gets out of US troubles</h2><p>The report follows OKX <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/former-new-york-governor-advised-okx-over-500-million-federal-probe-bloomberg" rel="" target="_self" text="null" title="https://cointelegraph.com/news/former-new-york-governor-advised-okx-over-500-million-federal-probe-bloomberg">hiring former New York Governor Andrew Cuomo</a> to advise it over a federal probe that resulted in the firm <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/okx-settle-us-doj-anti-money-laundering-probe" rel="" target="_self" text="null" title="https://cointelegraph.com/news/okx-settle-us-doj-anti-money-laundering-probe">pleading guilty to several violations </a>and agreeing to pay $505 million in fines and penalties.</p><p>The exchange admitted on Feb. 24 to operating an unlicensed money-transmitting business in violation of US Anti-Money Laundering laws. As a consequence, OKX agreed to pay $84 million worth of penalties while forfeiting $421 million worth of fees earned from primarily <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-startups-adapt-users-need-vc-funding-okx" rel="null" target="null" text="null" title="null">institutional clients</a>.</p><p>After the investigation concluded, OKX said it would seek out a compliance consultant to remedy the problems revealed by the federal probe and improve its compliance efforts. OKX’s CEO Star Xu <a data-ct-non-breakable="null" href="https://x.com/star_okx/status/1894135538740858995" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/star_okx/status/1894135538740858995">wrote</a> in a Feb. 24 X post:</p><blockquote>“Our vision is to make OKX the gold standard of global compliance at scale across different markets and their respective regulatory bodies.”</blockquote><p>OKX had not responded to Cointelegraph’s request for comment by publication time</p><p><em><strong>Magazine: </strong></em><a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/xrp-ripple-bad-actor-no-precedent-legal/" rel="" target="_self" text="null" title="https://cointelegraph.com/magazine/xrp-ripple-bad-actor-no-precedent-legal/"><em><strong>XRP win leaves Ripple and industry with no crypto legal precedent set</strong></em></a></p><template data-name="subscription_form" data-type="crypto_biz" label="Subscription Form: Crypto Biz Newsletter"></template></p>
</p>
https://cointelegraph.com/news/okx-enter...er_inbound
<p style="float:right; margin:0 0 10px 15px; width:240px;"><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDQvMDE5NjNkOTQtNzMyZS03NjdkLWIwNDYtMjg1NWE2ZDc5M2Mz.jpg"></p><p><p style="float:right; margin:0 0 10px 15px; width:240px;"><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDQvMDE5NjNkOTQtNzMyZS03NjdkLWIwNDYtMjg1NWE2ZDc5M2Mz.jpg" alt="OKX reenters US market following $505M DOJ settlement"></p><p>Seychelles-based cryptocurrency exchange OKX announced that it is reentering the US market.<p><a data-ct-non-breakable="null" href="https://www.okx.com/learn/bringing-okx-to-the-united-states-a-new-era-for-crypto-and-web3-innovation" rel="nofollow noopener" target="_blank" text="null" title="https://www.okx.com/learn/bringing-okx-to-the-united-states-a-new-era-for-crypto-and-web3-innovation">According</a> to an April 16 blog post, <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/okx-review" rel="" target="_self" text="null" title="https://cointelegraph.com/learn/articles/okx-review">OKX</a> will return to the United States market along with the appointment of former Barclays director Roshan Robert as its US CEO. Robert said in the post:</p><blockquote>“Today, I’m thrilled to announce the launch of OKX’s centralized crypto exchange and OKX Wallet in the United States, alongside the establishment of our regional headquarters in San Jose, California.“</blockquote><p>All existing Okcoin users will be migrated to the new platform, which Robert said will lead to a better overall experience. The promised improvements include deeper liquidity, lower fees and advanced trading tools.</p><figure><img alt="OKX reenters US market following $505M DOJ settlement" src="https://s3.cointelegraph.com/uploads/2025-04/01963db5-7bf4-7c7d-9e7f-b48577e4ecb2" title=""><figcaption style="text-align: center;"><p><em>Source: </em><a data-ct-non-breakable="null" href="https://x.com/okx/status/1912318152152887640" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/okx/status/1912318152152887640"><em>OKX</em></a></p></figcaption></figure><p><em><strong>Related: </strong></em><a data-ct-non-breakable="null" href="https://cointelegraph.com/news/standard-chartered-okx-pilot-off-exchange-collateral-institution" rel="" target="_self" text="null" title="https://cointelegraph.com/news/standard-chartered-okx-pilot-off-exchange-collateral-institution"><em><strong>Standard Chartered and OKX pilot crypto, tokenized fund collaterals</strong></em></a></p><h2>Step by step</h2><p>OKX will not roll out the upgrade in one shot. Instead, the new platform will take a phased approach to onboard new customers. The exchange plans to follow the cautious approach with a nationwide launch later in 2025.</p><p>“We’re beginning with a phased rollout for new customers to ensure a smooth and secure onboarding process, with a broader nationwide launch planned later this year,“ Robert said.</p><p>OKX also promised integrations with local banks and support for major assets, including Bitcoin (<a data-ct-non-breakable="null" href="/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>), Ether (<a data-ct-non-breakable="null" href="/ethereum-price" rel="null" target="null" text="null" title="null">ETH</a>), USDt (<a data-ct-non-breakable="null" href="/tether-price-index" rel="null" target="null" text="null" title="null">USDT</a>) and USDC (<a data-ct-non-breakable="null" href="/usdc-price-index" rel="null" target="null" text="null" title="null">USDC</a>). Robert noted that the company maintains a global proof of reserves for all its assets, which is <a data-ct-non-breakable="null" href="https://hacken.io/audits/okx/" rel="nofollow noopener" target="_blank" text="null" title="https://hacken.io/audits/okx/">published</a> monthly by cybersecurity firm Hacken.</p><p>Hacken had not responded to Cointelegraph’s request for comment by publication time.</p><p>In addition to its trading platform, the firm is also rolling out OKX Wallet to its US-based customers. The wallet supports 130 blockchains and features a <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/what-are-decentralized-exchanges-and-how-do-dexs-work" rel="" target="_self" text="null" title="https://cointelegraph.com/learn/articles/what-are-decentralized-exchanges-and-how-do-dexs-work">decentralized exchange (DEX)</a> aggregator, allowing access to over 10 million tokens on platforms including Ethereum, Solana and Base.</p><p><em><strong>Related: </strong></em><a data-ct-non-breakable="null" href="https://cointelegraph.com/news/malta-fines-okx-crypto-exchange-1-2-million-aml-breaches" rel="" target="_self" text="null" title="https://cointelegraph.com/news/malta-fines-okx-crypto-exchange-1-2-million-aml-breaches"><em><strong>Malta regulator fines OKX crypto exchange $1.2M for past AML breaches</strong></em></a></p><h2>OKX gets out of US troubles</h2><p>The report follows OKX <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/former-new-york-governor-advised-okx-over-500-million-federal-probe-bloomberg" rel="" target="_self" text="null" title="https://cointelegraph.com/news/former-new-york-governor-advised-okx-over-500-million-federal-probe-bloomberg">hiring former New York Governor Andrew Cuomo</a> to advise it over a federal probe that resulted in the firm <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/okx-settle-us-doj-anti-money-laundering-probe" rel="" target="_self" text="null" title="https://cointelegraph.com/news/okx-settle-us-doj-anti-money-laundering-probe">pleading guilty to several violations </a>and agreeing to pay $505 million in fines and penalties.</p><p>The exchange admitted on Feb. 24 to operating an unlicensed money-transmitting business in violation of US Anti-Money Laundering laws. As a consequence, OKX agreed to pay $84 million worth of penalties while forfeiting $421 million worth of fees earned from primarily <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-startups-adapt-users-need-vc-funding-okx" rel="null" target="null" text="null" title="null">institutional clients</a>.</p><p>After the investigation concluded, OKX said it would seek out a compliance consultant to remedy the problems revealed by the federal probe and improve its compliance efforts. OKX’s CEO Star Xu <a data-ct-non-breakable="null" href="https://x.com/star_okx/status/1894135538740858995" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/star_okx/status/1894135538740858995">wrote</a> in a Feb. 24 X post:</p><blockquote>“Our vision is to make OKX the gold standard of global compliance at scale across different markets and their respective regulatory bodies.”</blockquote><p>OKX had not responded to Cointelegraph’s request for comment by publication time</p><p><em><strong>Magazine: </strong></em><a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/xrp-ripple-bad-actor-no-precedent-legal/" rel="" target="_self" text="null" title="https://cointelegraph.com/magazine/xrp-ripple-bad-actor-no-precedent-legal/"><em><strong>XRP win leaves Ripple and industry with no crypto legal precedent set</strong></em></a></p><template data-name="subscription_form" data-type="crypto_biz" label="Subscription Form: Crypto Biz Newsletter"></template></p>
</p>
https://cointelegraph.com/news/okx-enter...er_inbound