Ladies and gentlemen, hold onto your digital wallets because OKX, the Seychelles-based crypto exchange, is back in the US! 🎉 And by “back,” I mean they’ve paid a cool $505 million to the DOJ to make it happen. Talk about a pricey re-entry! 💸
According to an April 16 blog post (because who doesn’t trust a blog post?), OKX is returning to the US market with Roshan Robert, former Barclays director, as its new US CEO. Robert, clearly thrilled, said:
“Today, I’m thrilled to announce the launch of OKX’s centralized crypto exchange and OKX Wallet in the United States, alongside the establishment of our regional headquarters in San Jose, California.“
Translation: “We’re here, we’re crypto, get used to it!” All existing Okcoin users will be migrated to the new platform, which promises deeper liquidity, lower fees, and advanced trading tools. Because who doesn’t love a good upgrade? 🚀
Step by Step (Because Rome Wasn’t Built in a Day)
OKX isn’t just diving headfirst into the US market. Oh no, they’re taking it slow and steady, like a crypto tortoise 🐢. The new platform will roll out in phases, with a nationwide launch planned for later in 2025. Robert explained:
“We’re beginning with a phased rollout for new customers to ensure a smooth and secure onboarding process, with a broader nationwide launch planned later this year.“
In other words, they’re not repeating the same mistakes that cost them $505 million. Smart move, OKX. Smart move. 🧠
OKX also promised integrations with local banks and support for major assets like Bitcoin (BTC), Ether (ETH), USDt (USDT), and USDC (USDC). Plus, they’ve got a global proof of reserves published monthly by cybersecurity firm Hacken. Because nothing says “trust us” like a monthly audit. 📊
Hacken, however, was too busy to comment on CryptoMoon’s request. Probably busy counting all those reserves. 🕵️♂️
And let’s not forget the OKX Wallet, which supports 130 blockchains and features a decentralized exchange (DEX) aggregator. That’s right, folks, over 10 million tokens are just a click away. Because who doesn’t need more tokens in their life? 🤑
OKX’s $505M “Oops” Moment
This grand re-entry comes after OKX hired former New York Governor Andrew Cuomo to advise them on a federal probe. The result? A guilty plea to operating an unlicensed money-transmitting business and a $505 million fine. Ouch. 💥
On Feb. 24, OKX admitted to violating US Anti-Money Laundering laws, agreeing to pay $84 million in penalties and forfeiting $421 million in fees. Because nothing says “we’re sorry” like half a billion dollars. 🏦
After the investigation, OKX vowed to improve its compliance efforts, with CEO Star Xu writing in a Feb. 24 X post:
“Our vision is to make OKX the gold standard of global compliance at scale across different markets and their respective regulatory bodies.”
Translation: “We’ll do better, we promise!” But hey, at least they’re trying, right? 🤷♂️
OKX, however, was too busy counting their fines to respond to CryptoMoon’s request for comment. Priorities, people. Priorities. 🕰️
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2025-04-16 12:32