OKX has announced its expansion into the U.S. market, launching a centralized trading platform and its OKX wallet.
OKX has announced its expansion into the U.S. market, launching a centralized trading platform and its OKX wallet. The company has established its regional headquarters in San Jose, California, appointing Roshan Robert, a former executive at Morgan Stanley and Barclays, as its U.S. CEO.
This move follows a significant $500 million settlement reached in February with the Department of Justice (DOJ) regarding allegations of operating a money transmitting business without a proper license. The settlement included $84 million in penalties and approximately $421 million in forfeited earnings from U.S. customers.
The DOJ's investigation centered on Aux Cayes FinTech Co. Ltd., the operator of OKX, which was accused of failing to obtain the necessary licensing to serve domestic customers.
In a statement, Robert noted that U.S. customers will now have access to the exchange's high-performance platform, with plans to roll out new features throughout the year as part of a broader strategy to develop a "crypto Super App."
The transition will involve migrating users from OKCoin, a U.S.-based affiliate of OKX, to the new platform.
Despite having implemented a policy to restrict U.S. citizens from using its services, the DOJ claimed that OKX actively sought out U.S. customers, with reports of employees instructing users to provide false information to circumvent these restrictions.
The company stated that the U.S. customers implicated in the investigation are no longer on the platform and emphasized that there were no allegations of harm to these customers.
OKX plans a phased rollout of its services, with a nationwide launch anticipated by late 2025, amid a growing positive sentiment in the U.S. crypto industry.
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