Hassan Maishera
TL;DR
-
OKX has unveiled plans to launch its services in the United States.
-
This comes after the crypto exchange reached a $500 million settlement with the DOJ in February.
OKX to Launch its Services in the United States
Seychelles-based cryptocurrency exchange OKX announced on Wednesday, April 16th, that it will launch a centralized crypto trading platform and its OKX wallet in the U.S. market.
In its statement, the company revealed that it had established its regional headquarters in San Jose, California, and named Roshan Robert, who previously worked at Morgan Stanley and Barclays, as its U.S. CEO.
Roshan Robert stated that,
“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. American customers now have access to our high-performance platform, and we will be rolling out new features throughout the year as part of our vision to build a crypto Super App.
As part of this expansion, existing OKCoin customers will be seamlessly migrated to the OKX platform. This migration brings customers a significantly enhanced experience — with access to deeper liquidity, lower fees, and advanced trading tools.”
OKX added that it will gradually introduce its services to new U.S. customers through a phased rollout. However, it slated its nationwide launch for later in 2025.
This latest development comes after the cryptocurrency exchange paid over $500m in penalties and forfeitures to settle its case with the U.S. Department of Justice in February.
OKX settled with the U.S. authorities over its failure to obtain a license to operate as a money transmitter. The settlement resolved allegations of fraudulent and noncompliant activities at OKX in recent years. The DOJ revealed that OKX facilitated more than $5 billion in "suspicious transactions and criminal proceeds," citing Acting U.S. Attorney Matthew Podolsky.
