OKX subsidiary agrees to pay approximately $500 million in settlement with US Department of Justice
The US Department of Justice has reached a settlement with Aux Cayes FinTech Co. Ltd., a subsidiary of cryptocurrency exchange OKX, which will pay fines totaling over $500 million.
According to a statement released by the US Department of Justice on Monday, Aux Cayes FinTech I have pleaded guilty to charges of operating an unlicensed currency tran**er business and agreed to pay approximately $504 million in fines, including approximately $84 million in fines and approximately $421 million in revenue from US clients.
James E. Dennehy, Assistant Director in Chief of the Federal Bureau of Investigation, accuses OKX of "blatantly" violating US law, even though the company has had a policy since 2017 prohibiting US users from trading on its exchange, they still attract US users, such as employees instructing US customers to provide false information to evade necessary procedures and promote in the United States. In addition, Dennehy Due to OKX's failure to comply with US laws, some significant illegal transactions that facilitate other criminal activities on its platform have not been detected.
OKX In a statement regarding the case, the company acknowledged that due to insufficient compliance controls in its history, "a **all number of American customers have conducted transactions on the company's global platform." Currently, these American customers have been cleared and there are no allegations of customer damage. OKX wrote:
When the company became aware of these shortcomings, we proactively hired a compliance consultant to assist in resolving the issue and improving the compliance system. We plan to continue working with this consultant in the future