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.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange
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.
David Meister, outside counsel for OKX, said:
"Today's settlement contained absolutely no charges of money laundering — Aux Cayes FinTech Co. Ltd., one of many OKX affiliates, resolved a Department of Justice investigation by acknowledging that it had not obtained a license to operate as a money transmitter."