OKX, one of the greatest exchanges of cryptocurrency, has set up with the American authorities so as not to obtain an operating license as a silver transmitter, the exchange announced on Monday.
At Cayes Fintech Co. Ltd., an affiliate of OKX, is the specific part that has settled with the United States Ministry of Justice, paying more than $ 500 million in penalties and loss costs, said a press release.
A person familiar with the situation told Coindesk that the regulations had resolved allegations of fraudulent activities and not in accordance with the exchange that has taken place in recent years.
Okcoin, the US Division of OKX, also received a summons published by the Commodity Futures Trading Commission (CFTC) on February 24 of last year. Coindesk has seen the assignment cover page, which refers to “some people engaged in fraud and other illegal behaviors with regard to digital asset transactions”.
A second person said that the CFTC probe on Okcoin concerns the Flash crash last year of the Bourse native token after the sudden drop in the OKB token price on January 23, 2024. OKX told users that they would be compensated For losses resulting from the accident.
An internal document was disseminated to OKX staff in January 2024 underlined “a new line of ethical assistance and conformity to provide you with a confidential and secure space to raise concerns or questions concerning ethical driving, Policy violations or alleged illegal behavior. “
OKX representatives did not immediately respond to requests for comments. A spokesperson for the CFTC refused to comment.
