Cryptocurrency Exchange OKX resumed its US business a few weeks after resolving legal issues with federal authorities. The company has now deployed a new centralized trading platform and self-supporting Web3 wallet for US users, appointed CEOs for the new region, and opened its US headquarters in San Jose, California.
This re-entry in the US market is in accordance with OKX’s February 2025 agreement, which pays penalties of more than $504 million. The settlement stems from a guilty plea in connection with a previous licensed business in the United States, with the Department of Justice saying the exchange has processed more than $1 trillion in U.S. customer transactions without proper permission.
Related: OKX wins major European MiFID II licenses: commence regulated crypto derivatives trading
The settlement concluded several months of OKX’s Money Laundering Anti-Money Laundering (AML) and Licensing Act compliance investigation. Now officially operated in the US, it places the exchange under direct regulatory surveillance as it aims to rebuild in one of the world’s most demanding financial markets.
Who will lead OKX’s new US compliance push?
OKX has appointed Roshan Robert as CEO of the new US division. Robert comes from a background in capital markets and regulatory compliance, and is an experience that emphasizes that experience is key to evolving digital asset rules.
OKX said the focus will be on Robert’s engagement with US regulators and guiding the platform’s compliance strategy. “We believe that by promoting clarity in crypto regulations, we have a significant opportunity for the United States to provide secure, compliant digital asset solutions,” Robert said in a statement from the company.
Related: After the Bybit Hack, European regulators wonder if OKX is involved
This US reboot is part of OKX’s broader global strategy. Founded in 2017 and based in the Seychelles, OKX has recently expanded its presence in Europe, Asia and the Middle East. The company has reported over 53 million wallets created through Web3 services by mid-2024, supporting over 300 digital assets in its main exchange.
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