Cryptocurrency exchange OKX pleads guilty to operating unlicensed money transmitter business in the U.S.; agrees to $500 million fine

Aux Cayes FinTech Co., the operator of the global cryptocurrency exchange OKX,
Ltd. has agreed to pay more than $500 million in fines for operating an unlicensed money transmitting business in the United States.
On the 24th (local time), O-Kai Fintech, the operator of the virtual currency exchange OKX, pleaded guilty to violating the U.S. Anti-Money Laundering (AML) Act and
To resolve the dispute, the company agreed to pay more than $500 million in fines. As a result of an investigation by the U.S. Department of Justice (DOJ), the company agreed to plead guilty to the charges, pay a fine of $84 million, and forfeit $421 million in proceeds.
The majority of the seized profits were reportedly from institutional investors. OKX said in a statement on the same day that it had not implemented any of its past compliance procedures.
"We acknowledge that some U.S. customers traded on the global platform due to the flaws," the company said. It also said that U.S. customers were only a small portion of the total users, and that those customers are currently
OKX, which is headquartered in the Seychelles, stressed that there have been no allegations related to customer harm and that no indictments have been filed against its employees.
However, US Attorney Matthew Podolsky said that OKX's operating company "violated the anti-money laundering law.
"Today's guilty verdict and imposition of fines are a clear sign of the financial institutions that have been using the U.S. market to condone illegal activities," the statement said.
"This shows that financial institutions will be punished."