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The Seychelles-based cryptocurrency exchange OKX has officially announced its entry into the U.S. market. Following a $500 million settlement reached with the Department of Justice (DOJ) in February, this expansion is viewed as part of the platform’s new strategy to operate legally in the United States. As part of this initiative, OKX has established a regional headquarters in San Jose, California, appointing Roshan Robert, a professional with a background at Morgan Stanley and Barclays, to lead its U.S. operations.
OKX Launches Centralized Platform in the U.S.
OKX is set to introduce a centralized cryptocurrency trading platform and its OKX wallet service for U.S. users. According to the company’s statement, American users who previously utilized the OKCoin platform will be seamlessly transitioned to the OKX platform. This rollout will occur gradually, with the goal of making the platform accessible across the country by the end of the year.
Roshan Robert, the newly appointed CEO for the U.S., stated, “U.S. users can now access our high-performance trading platform. We will introduce innovations throughout the year to gradually transform our platform into a cryptocurrency Super App.”
Former President Donald Trump’s favorable stance toward cryptocurrencies has also provided a strong foundation for this expansion.
DOJ Settlement of $500 Million
OKX’s entry into the U.S. came immediately after the $500 million settlement agreement reached with the DOJ in February. The DOJ indicated that Aux Cayes FinTech, a subsidiary of OKX, had provided services to U.S. users without appropriate licensing. However, OKX clarified that the mentioned company was “just one of many subsidiaries.”
Despite the implementation of a policy that prohibited U.S. customers from joining the platform, the DOJ claimed that some OKX employees suggested providing false information to circumvent these restrictions. The cryptocurrency exchange accepted a total payment of $505 million as part of the settlement, which included $84 million in penalties and $421 million as restitution for profits gained from U.S. users.
OKX emphasized that there have been no claims of user losses, and the affected users are no longer on the platform.
