Cryptocurrency exchange OKX, headquartered in Seychelles, has announced its return to the United States market. This move comes after the exchange settled with the Department of Justice (DOJ) for $505 million due to past violations of US Anti-Money Laundering laws.

According to a blog post on April 16, OKX will reenter the US market with Roshan Robert, formerly a director at Barclays, appointed as the US CEO. Robert stated, "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."

The transition will involve migrating existing Okcoin users to the new OKX platform, promising an enhanced user experience with deeper liquidity, lower fees, and advanced trading tools. The rollout will be gradual, beginning with a phased approach to onboard new customers, with a broader nationwide launch planned for later in 2025. This cautious strategy aims to ensure a smooth and secure onboarding process.

OKX also plans to integrate with local banks and support major digital assets, including Bitcoin (BTC), Ether (ETH), USDt (USDT), and USDC (USDC). The company emphasizes its commitment to transparency by maintaining a global proof of reserves for all its assets, which is published monthly by cybersecurity firm Hacken. As well as the trading platform, OKX is launching its OKX Wallet to US-based customers. The wallet supports 130 blockchains and features a decentralized exchange (DEX) aggregator, providing access to over 10 million tokens on platforms like Ethereum, Solana, and Base.

This reentry follows a period of scrutiny, during which OKX hired former New York Governor Andrew Cuomo as an advisor concerning a federal probe. The exchange admitted on February 24 to operating an unlicensed money-transmitting business, violating US Anti-Money Laundering laws. As a result, OKX agreed to pay $84 million in penalties and forfeit $421 million in fees earned from primarily institutional clients.

Following the conclusion of the investigation, OKX announced its intention to engage a compliance consultant to address the issues identified and enhance its compliance efforts. CEO Star Xu stated, "Our vision is to make OKX the gold standard of global compliance at scale across different markets and their respective regulatory bodies."