OKX Relaunches in U.S. With New Leadership, After $500M DOJ Settlement
- OKX pays $500 million to settle DOJ allegations, relaunches U.S. arm
- New U.S. CEO Roshan Robert leads OKXs regulatory compliance efforts
- OKX platform offers deeper liquidity and lower fees for U.S. traders
OKX, a Seychelles-based cryptocurrency exchange, has announced plans to reenter the U.S. market. The exchange returned to U.S. operations after a major settlement with the Department of Justice (DOJ), where the company paid $500 million. OKX will provide a U.S.-based wallet and a new platform to serve domestic cryptocurrency traders.
Roshan Robert, the newly appointed U.S. CEO of the company, confirmed that OKX had revamped its technological interface. Robert, a former employee of Barclays and Hidden Road , stressed the companys commitment to compliance in its operations. OKX has established its regional headquarters in San Jose, California, which demonstrates its long-term commitment to the U.S. market.
OKX Compliance Efforts
OKX relaunched its operations after a huge settlement because its international arm was accused of operating without a money transmitter license. The DOJ claimed that OKX served U.S. customers without proper anti-money laundering procedures. OKX paid a large fine and will hire an external compliance consultant firm until February 2027.
Robert will lead OKX to build an advanced compliance infrastructure and collaborate with U.S. regulators. The company has implemented measures such as Know-Your-Customer (KYC), fraud detection techniques, and continuous market surveillance. These new measures seek to create a secure and transparent trading environment to address past compliance issues.
Crypto Market Expansion
OKX maintains a positive outlook for the U.S. market despite regulatory challenges. According to Robert, the digital asset market continues to grow larger by the year as younger consumers embrace cryptocurrency. OKXs new platform aims to provide customers with liquidity, low fees, and improved trading tools to compete with major players such as Coinbase and Kraken.
OKX plans to migrate all OKCoin customers to its new platform. The new platform will offer customers improved services that meet the increased demand for crypto trading operations in the U.S. The exchange continues its expansion even as cryptocurrency regulations continue to evolve under the Trump administration.
This U.S. market reentry marks an important milestone for OKX, which previously faced scrutiny for unlicensed operations in the U.S. The exchange seeks to leverage the favorable regulations to ensure future success in the crypto space. OKX plans to collaborate with regulators to boost its reputation and enhance its expansion in the U.S.
Read more: https://www.tronweekly.com/okx-relaunches-in-the-us-after-doj-settlement/
Text source: TronWeekly
