OKX Legally Launches US Crypto Exchange Only 2 Months | Crypto Work Pro
Seychelles-based OKX has legally launched a centralised crypto exchange within the United States, much less than two months after settling with the Justice Department by paying $504 million for beforehand working within the nation with out authorisation. It has now set up a regional headquarters in San Jose, California.
A New US CEO
The exchange additionally appointed Roshan Robert as CEO of its US operations. Robert was a Director at Barclays for round eight years and later grew to become a Partner and Group COO and CCO at crypto prime broker Hidden Road, the place he labored for over 4 years. Recently, Ripple acquired Hidden Road for $1.25 billion.
Alongside the centralised exchange, OKX has launched a crypto wallet for its US customers.
(*2*) Robert wrote in a LinkedIn post. “This is more than just a product launch — it’s the start of a new chapter for the firm as we bring our world-class platform and Web3 ecosystem to the world’s largest financial market.”
From Illegal to Legal
As Financemagnates.com reported earlier, OKX beforehand pleaded guilty to offering providers to US-based shoppers with out acquiring a money transmitter licence and paid more than $504 million within the settlement, of which $84 million was a penalty. The remaining quantity mirrored charges the exchange earned from its US clients.
According to the US Justice Department, OKX had onboarded US shoppers since not less than 2017, regardless of having an official coverage aimed toward “preventing U.S. persons from transacting on its exchange.” The platform served each retail and institutional shoppers within the US from round 2018 till early 2024, processing over a trillion {dollars}’ value of crypto transactions.
The relaunch comes at a time when the US can also be transferring in direction of easing restrictions on the cryptocurrency sector. The Securities and Exchange Commission (SEC) has dropped a number of high-profile lawsuits and investigations into crypto companies. The regulator’s incoming Chair, Paul Atkins, can also be seen as more beneficial to crypto and reportedly holds round $6 million in investments with crypto publicity.
“Our entry into America is more than a market expansion — it’s a commitment to responsible growth,” OKX stated in its newest announcement. “As regulations evolve, OKX is working closely with US regulators and policymakers to ensure we operate transparently and compliantly.”
This article was written by Arnab Shome at www.financemagnates.com.
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