Cryptocurrency exchange OKX has admitted guilt to running an unlicensed money transmission service in the United States. Its parent company, Aux Cayes FinTech Co. Ltd., revealed a $505 million settlement with the US Department of Justice (DoJ) on February 25th.
While acknowledging the violation, Aux Cayes FinTech stressed that the DoJ did not allege any customer harm stemming from OKX’s unauthorized activities. The settlement requires Aux Cayes FinTech to pay an $84 million penalty and forfeit $421 million in earned fees. This resolves legal issues related to OKX’s past operations within the US regulatory framework.
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