OKX Operator Pleads Guilty to Operating Without License

The operator of the Seychelles-based cryptocurrency exchange platform OKX has agreed to pay nearly $505 million in fines and penalties for violating US anti-money laundering (AML) laws over a seven-year period.

Aux Cayes FinTech Co. pleaded guilty on Monday to one count of operating an unlicensed money-transmitting business. The company, responsible for one of the largest crypto exchanges, OKX, continues to have operations in the US.

US District Judge Katherine Polk Failla in Manhattan delivered the sentence following the guilty plea. Acting US Attorney Matthew Podolsky stated:

“For over seven years, OKX knowingly violated anti-money laundering laws and failed to implement the necessary policies to prevent criminals from misusing our financial system.”

He added that during this period, the exchange facilitated criminal activities through suspicious transactions exceeding $5 billion.