OKX Seychelles Settles with U.S. DOJ, Pays $84M Fine

OKX Seychelles settles with U.S. DOJ, paying $84M fine while enhancing compliance, security, and transparency to strengthen global regulatory trust.

OKX Seychelles, a subsidiary of Aux Cayes FinTech Co. Ltd., has settled with the U.S. Department of Justice (DOJ) for operating unauthorized remittance services in the United States. The company needs to pay an $84 million fine while surrendering $421 million in generated revenue. The arrangement excludes any accusations of customer damage together with employee charges.

Some U.S. customers were able to trade on the platform because of past compliance gaps within the company. The company operates with a worldwide client base which includes a tiny percentage of inoperative U.S. users. OKX took proactive steps to resolve its regulatory gaps by bringing in independent compliance consulting services and creating a stronger regulatory system. United States Department of Justice recognized the actions taken by the company to handle this matter.

OKX executes extensive improvements on regulatory compliance to enhance its operations. The KYC program and the CRR system underwent improvements to optimize user profile assessment capabilities. The company now conducts Enhanced Due Diligence (EDD) checks extensively for risk mitigation purposes along with deploying state-of-the-art anti-money laundering (AML) technology to find illegal activities.

OKX Strengthens Regulatory Measures for User Protection

OKX developed its security framework through hiring more than 150 blockchain intelligence experts from law enforcement and regulatory agencies to form a financial crime department. The company protects its compliance protocols and blocks fraudulent conduct through its geo-blocking and geo-tracing technological framework.

OKX devotes resources to worldwide expansion, together with strict regulatory requirements after the settlement. The company supports worldwide authorities to build transparency and trust for the cryptocurrency industry. The company has accepted responsibility for previous mistakes while committing to establish new compliance standards as well as responsible innovation measures.

OKX establishes regulatory practices to construct a better protected digital platform that maintains user security. The company shows commitment to preserving integrity through its continued work in this developing crypto environment. OKX maintains its commitment to cooperate with regulators while reinforcing security measures to enhance digital asset sector controls and visibility.