OKX Enters U.S. Market After $500M DOJ Deal—Crypto Shakeup

OKX, the Seychelles-headquartered cryptocurrency exchange, has officially launched its operations in the United States. The rollout includes its centralized trading platform and the OKX Wallet, now accessible to U.S. users. As part of its expansion, the company has set up a regional hub in San Jose, California.

This move comes just two months after OKX paid over $500 million to the U.S. Department of Justice. The payment settled a case where authorities said the company operated in the country without a proper license. The DOJ claimed OKX had allowed Americans to trade on the platform despite internal rules saying otherwise.

Details of the DOJ Agreement

In February, OKX affiliate Aux Cayes FinTech Co., Ltd., settled with the DOJ after a long investigation. The case focused on services provided to U.S. users without a money transmission license. According to the settlement, the company paid a total of around $505 million. This included $84 million in civil penalties and about $421 million in revenue from U.S. users that had to be forfeited.

The DOJ said that OKX had policies in place that supposedly blocked U.S. residents from joining the platform. However, some employees allegedly helped users get around these restrictions by instructing them to provide false information. “The company violated U.S. laws despite its own internal controls,” said a DOJ spokesperson.

OKX stated that the accounts tied to the settlement have been removed from the platform and that user funds were not affected during the investigation.

Shift from OKCoin to OKX Platform

OKCoin users in the U.S. will be moved to the OKX platform as part of the rollout. OKCoin is a U.S.-accessible exchange linked to OKX. The company said the migration will provide users with better trading conditions, such as increased liquidity and lower fees.

This change will not happen overnight. OKX said it will introduce services gradually through a phased rollout before going fully live nationwide later in 2025. Customers will be notified as their accounts are transitioned.

Roshan Robert has been named the CEO for OKX’s U.S. operations. His background includes leadership roles at CLST, as well as previous positions at Morgan Stanley and Barclays. He was also a founding member of Hidden Road, a digital asset firm that was recently purchased by Ripple.

Focus on Compliance and U.S. Strategy

OKX has outlined a comprehensive compliance plan as part of its U.S. expansion. According to the company, the framework includes customer identity verification, tools to detect and prevent money laundering, geographic access controls, and active market monitoring systems.

In a company update, Robert stated that OKX is “focused on building responsibly in the U.S.” and is cooperating with regulators to meet all requirements. He added, “We are working to provide a trusted and transparent platform for digital asset traders.”

Crypto Industry Sees Renewed U.S. Interest

The move by OKX comes as crypto firms show renewed interest in the U.S. market. Changes in the political landscape, including the current administration’s approach to digital assets, have led to more companies restarting operations in the country.

CoinList recently announced its return after several years, and other major exchanges, including Binance, are also reported to be considering a U.S. comeback. OKX’s expansion places it among a growing list of firms aiming to gain ground as regulatory conditions continue to evolve.