Crypto Exchange OKX Expands to U.S. Market After $500 Million DOJ Settlement

TLDR

Table of Contents

OKX is expanding to the U.S. with a new regional headquarters in San Jose, California
The crypto exchange recently paid a $500 million settlement to the DOJ for operating without proper licensing
Roshan Robert has been appointed as U.S. CEO, coming from Hidden Road which was acquired by Ripple for $1.25 billion
OKX plans to offer U.S. traders access to its platform and native OKX Wallet with “deeper liquidity, lower fees and advanced trading tools”
The expansion comes during a more crypto-friendly environment under President Trump’s administration

Seychelles-based cryptocurrency exchange OKX announced its expansion into the United States market on Tuesday, establishing a new regional headquarters in San Jose, California. This move comes just two months after the company paid $500 million to settle charges with the Department of Justice for operating in the U.S. without proper licensing.

The exchange plans to roll out access to its trading platform and native OKX Wallet to U.S.-based crypto traders. Existing customers of OKCoin, OKX’s U.S.-accessible sister company, will be migrated to the new platform.

Roshan Robert has been appointed as U.S. CEO to lead the expansion. Robert previously served as an executive at institutional crypto lending platform CLST and was a founding team member of crypto prime broker Hidden Road, which Ripple recently acquired for $1.25 billion.

Regulatory Compliance Focus

Robert emphasized the company’s commitment to regulatory compliance in his announcement. “As regulations evolve, OKX is working closely with US regulators and policymakers to ensure we operate transparently and compliantly,” he stated.

The exchange has implemented a comprehensive compliance program. This includes enhanced due diligence, robust KYC processes, customer risk rating systems, and advanced fraud detection tools.

The renewed focus on compliance follows OKX’s February settlement with the DOJ. Prosecutors alleged that despite having policies prohibiting U.S.-based users, OKX “sought out customers in the United States, including in the Southern District of New York.”

“For over seven years, OKX knowingly violated anti-money laundering laws and avoided implementing required policies to prevent criminals from abusing our financial system,” said Matthew Podolsky, Acting U.S. Attorney for the Southern District, in the settlement announcement.

Changing Crypto Landscape

OKX is not alone in eying the U.S. market. The country has become more welcoming to crypto companies under President Donald Trump’s administration.

Token launch platform CoinList announced its return to the U.S. earlier this month after a five-year absence. Reports suggest that Binance, the world’s largest crypto exchange, may also be considering a return to the American market.

While Robert stated that OKX’s plans to increase its U.S. presence predated Trump’s second term, he welcomes the administration’s approach to crypto. “The rulemaking will take some time, but there is a path that we can see,” he said.

Competitive Strategy

The newly relaunched OKX U.S. faces strong competition from established players like Coinbase and Kraken. However, Robert believes the market isn’t zero-sum.

He expects younger generations’ appetite for crypto investments will expand the overall market. “The whole digital asset market is an expanding universe,” Robert noted.

According to the company’s launch announcement, the OKX platform will offer U.S. customers “deeper liquidity, lower fees and advanced trading tools” compared to OKCoin.

Hong Fang, OKX’s global president, previously oversaw the company’s U.S. entity, which was formerly named OKCoin. The relaunch represents a complete overhaul of the platform.

“It is not just the rebrand. The entire technology interface, everything has changed,” Robert explained.

OKX has emphasized that the DOJ settlement included “no allegations of customer harm, no charges against any company employee and no government appointed monitor.”

The company has agreed to pay for an external compliance consultant through February 2027 as part of its settlement terms.

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