Aux Cayes FinTech Co. Ltd, the operator of cryptocurrency exchange OKX, has pleaded guilty to operating an unlicensed money transfer business in violation of US anti-money laundering regulations.
To address these charges, the company has agreed to pay more than $500 million in fines.
Following an investigation by the US Department of Justice, Aux Cayes FinTech Co. Ltd, the entity behind OKX, has settled these charges by paying $84 million in fines and forfeiting $421 million in fees earned primarily from institutional clients.
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OKX acknowledged in a statement on February 24 that certain US customers had previously accessed its global platform due to historical compliance issues.
The company stressed that these US customers represented only a small fraction of its global user base and confirmed that none of them remained on the platform.