The operator of the OKX crypto exchange, Aux Cayes Fintech, has agreed to pay over $504 million in fines and fees after pleading guilty to violating US anti-money laundering laws.
OKX is among the largest cryptocurrency exchange platforms globally, with billions of dollars in transactions occurring daily. Since 2017, the Seychelles-based company has maintained an official policy preventing US persons from using its exchange. However, the Department of Justice reports that, contrary to this policy, OKX actively sought customers in the US, catering to both retail and institutional users who collectively executed over one trillion dollars in transactions. These activities generated hundreds of millions of dollars in trading fees and profits for the company.
Prosecutors state that OKX failed to register as a money services business with FinCEN, as mandated by law. For several years, the firm allowed retail customers to create accounts, receive and transfer funds, and execute trades without completing the necessary Know Your Customer (KYC) process. Even after changes were made, some OKX employees reportedly advised customers on how to submit false information to bypass KYC requirements.
Acting US Attorney Matthew Podolsky emphasized, “For over seven years, OKX knowingly violated anti-money laundering laws and neglected to implement necessary policies to prevent criminals from exploiting our financial system. As a result, OKX facilitated more than five billion dollars in suspicious transactions and illicit proceeds.”