OKX Faces $500 Million Penalty for Unlicensed Trading, Admits Regulatory Breaches

Cryptocurrency exchange OKX has agreed to pay over $500 million in penalties after pleading guilty to operating an unlicensed money-transmitting business within the United States. The U.S. Department of Justice (DOJ) and Federal Bureau of Investigation (FBI) accused OKX, based in the Seychelles, of actively courting US customers while ignoring crucial anti-money laundering (AML) laws.