OKX Reaches DoJ Settlement, Pays $504 Million
OKX announced today that it reached a settlement with the U.S. Department of Justice (DOJ), ending its previous investigation. It acknowledged several charges and would pay more than $504 million in fees.
The exchange described this certain settlement as an accidental misunderstanding, but the Justice Department’s own press release mentioned its “blatant violation” and “blatant disregard”.
OKX settles with DOJ
OKX, One of the world’s leading crypto exchangeshas been cleaning up its homes on its global regulatory compliance issues. on the one hand It obtained a mica license Last week it operated for the EU. Now, the exchange is moving towards new compliance in the United States, announcing settlement With DOJ:
“We worked with the U.S. Department of Justice to conduct a thorough investigation of our business. We have a small number of customers who are able to use international services due to historical compliance gaps. Today, our compliance controls are an industry leader. The company Said on social media.
According to the announcement, the exchange acknowledged that it allows some U.S. customers to trade on their platform without proper licensing. OKX agreed to pay a $84 million fine and canceled $421 million in user fees. This is a conclusion Legend of long-term investigation of the company.
The US government Financial regulatory agencies Its attitude towards cryptocurrencies is being changed, but friction remains. The Ministry of Justice itself emphasize The company expressed guilt for serious crimes. The Justice Department quoted various officials as referring to OKX’s “blatant violation” and “blatant disregard” behavior.
The Justice Department’s attitude towards the crypto industry seems to be Other federal regulators. Only in the last week, SEC Give up major lawsuits against Coinbase and Quietly dismissed the investigation Potential misconduct entering Robinhood. It’s over, too Investigation on OpenSea, NFT market.
OKX’s settlement involves actual fines and guilty requests, which is more than what these agencies claim.
Still, OKX should be very satisfied with this solution. It made more than $1.5 billion income Last year, it had a large amount of asset holdings and trade volumes.
Although $504 million is a huge payment price, it is worth it to regain the good manners of U.S. regulators.
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