OKX Fined $505 Million for Anti-Money Laundering Violations

The operator of crypto exchange OKX, Aux Cayes Fintech, has agreed to pay over $504 million in fines and fees after pleading guilty to violating US anti-money laundering (AML) laws. The company admitted to operating an unlicensed money-transmitting business, failing to register with FinCEN as required.

Despite a policy banning US customers since 2017, OKX actively sought out US retail and institutional users, facilitating over $1 trillion in transactions and generating hundreds of millions in trading fees.

Prosecutors revealed that OKX allowed customers to trade without completing KYC (Know Your Customer) processes for years. Even after implementing KYC, employees allegedly advised users on circumventing the system.

Acting US Attorney Matthew Podolsky stated, “OKX knowingly violated AML laws, enabling over $5 billion in suspicious and criminal transactions.”