OKX Settles with U.S. Authorities, Pays Over $500 Million Penalty
OKX settled with U.S. authorities for over $500 million due to operating as a money transmitter without a license. The settlement involved Aux Cayes FinTech Co. Ltd., an OKX affiliate, and addressed allegations of fraudulent activities.
- OKcoin, the U.S. division of OKX, received a subpoena from the CFTC regarding fraudulent conduct in digital asset transactions.
- The CFTC's investigation is linked to a flash crash of OKX's native token, OKB, on January 23, 2024.
- OKX stated it would compensate users for losses incurred during the crash.
- An internal document introduced a new ethics and compliance helpline for staff to report concerns.
OKX has not commented on these developments, nor has the CFTC provided additional details.