OKX has reentered the U.S. market after paying a $505 million DOJ settlement.
Marking its comeback in the United States, OKX will gradually introduce a new crypto exchange and has brought in a new US-based CEO.
OKX confirmed its reentry into the US crypto market, marking a return for the Seychelles-based exchange.
The April 16 update from OKX confirms both its reentry into the US and the appointment of ex-Barclays director Roshan Robert as CEO of its US arm. Robert said in the post:
“Today, I’m thrilled to announce the launch of OKX’s centralized crypto exchange and OKX Wallet in the United States, alongside the establishment of our regional headquarters in San Jose, California.“
Robert noted that OKCoin will transition its current users to the new platform to provide a more streamlined and enhanced experience.
The improvements outlined include enhanced liquidity, reduced fees, and cutting-edge tools for trading.
Rather than launching immediately, OKX will implement the platform in phases, allowing for a gradual onboarding of new customers.
OKX will adopt a measured strategy and plans for a nationwide launch later in the year.
“We’re beginning with a phased rollout for new customers to ensure a smooth and secure onboarding process, with a broader nationwide launch planned later this year,“ Robert said.
In addition, OKX assured users that it will integrate with local banks and support prominent assets, including Bitcoin, Ether, USDt, and USDC.
As Robert pointed out, the company covers all of its assets with a global proof of reserves, and Hacken, a cybersecurity firm, publishes the report monthly.
The company will extend its services to US-based customers by launching OKX Wallet in addition to its trading platform.
With support for 130 blockchains, the wallet integrates a DEX aggregator, allowing users to access over 10 million tokens across networks like Ethereum, Solana, and Base.
In light of OKX hiring former New York Governor Andrew Cuomo to advise it during a federal investigation, the firm pleaded guilty to several violations and agreed to pay $505 million in fines and penalties.
On February 24, the exchange disclosed that it had run an unlicensed money-transmitting operation, contravening US Anti-Money Laundering laws.
Consequently, OKX committed to paying $84 million in fines and surrendering $421 million in fees generated mainly from institutional clients.
After the investigation was completed, OKX indicated that it would seek the assistance of a compliance consultant to address the concerns raised by the federal probe and enhance its regulatory compliance.
In late February, Star Xu, CEO of OKX, stated that:
“Our vision is to make OKX the gold standard of global compliance at scale across different markets and their respective regulatory bodies.”
