Seychelles-based OKX has officially launched a centralized cryptocurrency exchange in the United States, marking a pivotal shift from its previous unauthorized operations. This relaunch comes just two months after the company settled with the U.S. Department of Justice by paying $504 million in penalties and fees.
Key Developments
1. New US Leadership
OKX appointed Roshan Robert as CEO of its U.S. operations. Robert brings extensive experience from:
- Barclays (8 years as Director)
- Hidden Road (4 years as Partner/Group COO/CCO), a crypto prime broker recently acquired by Ripple for $1.25 billion.
Robert emphasized the significance of this launch in a LinkedIn post:
"This is more than just a product launch—it’s the start of a new chapter for OKX as we bring our world-class platform and Web3 ecosystem to the world’s largest financial market."
2. From Penalties to Compliance
- Past Violations: OKX admitted to serving U.S. clients without a money transmitter license (2017–2024), processing over $1 trillion in crypto transactions.
Settlement Breakdown:
- **$504 million total** ($84M penalty + $420M disgorgement of fees).
- New HQ: San Jose, California.
3. US Crypto Regulatory Shift
The launch coincides with a broader regulatory thaw in the U.S.:
- SEC dropping high-profile crypto lawsuits.
- Paul Atkins (incoming SEC Chair) holds $6M in crypto-related investments, signaling a favorable stance.
OKX stated:
"Our entry into America is a commitment to responsible growth. We’re collaborating with U.S. regulators to ensure transparency and compliance."
OKX’s US Strategy
1. Product Offerings
- Centralized Exchange
- Crypto Wallet for U.S. users
2. Regulatory Engagement
OKX is actively working with policymakers to align with evolving frameworks, emphasizing:
- Licensing adherence
- Consumer protection
👉 Explore OKX’s compliant crypto solutions
FAQs
Q1: Why did OKX pay $504 million?
A: The settlement resolved charges for operating illegally in the U.S. without licensing (2017–2024).
Q2: What changes did OKX make for its U.S. relaunch?
A: Appointed a U.S. CEO, established a California HQ, and introduced a licensed exchange/wallet.
Q3: How does the SEC’s recent stance affect OKX?
A: Reduced enforcement risks and a more crypto-friendly leadership may ease future compliance.
👉 Learn about OKX’s global expansion