OKX Pleads Guilty, Fined $505M for Unlicensed Money Transmission Operations

Crypto exchange OKX has agreed to a guilty plea and a $505 million fine for operating without the required license to transmit money in the United States. This settlement follows an investigation by the Department of Justice (DoJ). The company acknowledged failing to secure a license from 2018 to 2024, resulting in violations of US anti-money laundering rules. The DoJ’s report revealed that many customers used OKX’s global platform despite the exchange lacking authorization for money transmission services.