OKX, one of the world’s largest cryptocurrency exchanges, has settled charges with the US Department of Justice (DOJ) after facilitating over $5 billion in suspicious transactions. The settlement includes a payment of over $500 million in penalties and forfeited fees.
The investigation was triggered by OKCoin, the American division of OKX, which received a subpoena from the Commodity Futures Trading Commission (CFTC) on February 24 last year. An internal document circulated to OKX staff highlighted the need for whistleblowing in case of policy violations or suspected illegal behavior.
OKX failed to obtain a license to operate as a money transmitter, despite seeking customers in the US. The exchange had facilitated more than $5 billion in “suspicious transactions and criminal proceeds,” according to the DOJ press release.
The settlement resolves allegations of fraudulent and non-compliant activities at OKX that took place in past years. OKX will compensate users for losses resulting from a flash crash on its native token last year, following the sudden drop in the price of the OKB token.
Source: https://www.coindesk.com/business/2025/02/24/okx-close-to-large-settlement-agreement-with-u-s-regulators-source