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Crypto Exchange OKX Admits Guilt, Fined $504M for Violating Money Laundering Laws

Crypto Exchange OKX Admits Guilt, Fined $504M for Violating Money Laundering Laws

Samuel Edyme
by Samuel Edyme
6 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

OKX, one of the largest cryptocurrency exchanges globally, has pled guilty to operating an unlicensed money transmitting business in the United States.

This admission comes after a lengthy investigation by the US Department of Justice and the Federal Bureau of Investigation, revealing that the exchange had flouted federal anti-money laundering (AML) regulations for more than seven years.

According to press release by the US DoJ, by failing to register as a money services business (MSB) and not implementing the necessary AML and know-your-customer (KYC) programs, OKX allowed “over $5 billion” in suspicious transactions to flow through its platform.

Related Reading: Crypto Funds See Massive $508M Outflow—Are Investors Getting Cold Feet?

OKX Accepts Penalties, Commits to Compliance Measures

In a plea deal, OKX agreed to pay more than $504 million in penalties. US District Judge Katherine Polk Failla accepted the guilty plea and presided over the sentencing.

Acting US Attorney Matthew Podolsky highlighted that OKX knowingly violated AML laws, enabling the exchange to facilitate illicit activities.

The Federal Bureau of Investigation’s Assistant Director in Charge, James E. Dennehy, stated that OKX’s actions included advising individuals on how to circumvent KYC protocols and failing to detect substantial illicit transactions. Dennehy noted:

For years, OKX flagrantly violated U.S. law, actively seeking customers in the United States—including here in New York—and even going so far as to advise individuals to provide false information to circumvent requisite procedures.

OKX employees reportedly encouraged customers to provide false information to bypass KYC requirements. The US DoJ highlighted an instance which occurred in April 2023 where an OKX employee wrote:

I know you’re in the US, but you could just put a random country and it should go through. You just need to put Name, nationality, and ID number. You could just put United Arab Emirates and random numbers for the ID number.

The agency also pointed to another instance which occurred in January 2024 where the same employee asked an individual if they had “any workaround on KYC outside of the US to make it potentially work.

As part of the agreement, OKX has retained an external compliance consultant to enhance its policies and controls, which will be monitored through February 2027.

Key Penalties From Authorities

The court documents outlined a pattern of deliberate non-compliance. It particularly stated that OKX knew it needed to register with the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) but avoided doing so.

This non-registration enabled the company to process transactions for US-based retail and institutional clients without proper oversight. During the relevant period, OKX allowed customers to open accounts without completing a KYC process.

Related Reading: Beware! OKX Exchange Issues Warning Over Harmful Firefox Extension

According to the DoJ, this approach not only violated US law but also provided an avenue for money laundering. The penalties include $420.3 million in criminal forfeiture and an $84.4 million fine. The company received a 25% reduction in its fine due to cooperation and remedial efforts.

Bitcoin (BTC) price chart on TradingView amid crypto exchange OKX news
BTC price is moving downwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

Featured image created with DAL-E, Chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Samuel Edyme

Samuel Edyme

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Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

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