2 weeks ago
OKX, 1 of the largest cryptocurrency exchanges, settled with U.S. authorities implicit failing to get a licence to run arsenic a wealth transmitter, the speech announced Monday.
Aux Cayes FinTech Co. Ltd., an OKX affiliate, is the circumstantial enactment that settled with the U.S. Department of Justice, paying implicit $500 cardinal successful penalties and forfeited fees, a press merchandise said.
A idiosyncratic acquainted with the concern told CoinDesk that the colony resolved allegations of fraudulent and non-compliant activities astatine the speech that took spot successful past years.
OKcoin, the American part of OKX, besides received a subpoena issued by the Commodity Futures Trading Commission (CFTC) connected Feb. 24 past year. CoinDesk saw the screen leafage of the subpoena, which refers to “Certain persons engaged successful fraud and different unlawful behaviour with respect to integer plus transactions.”
A 2nd idiosyncratic said the CFTC probe into OKcoin relates to past year’s flash crash of the exchange’s autochthonal token pursuing the abrupt driblet successful the terms of the OKB token connected Jan. 23, 2024. OKX told users they would beryllium compensated for losses resulting from the crash.
An interior papers circulated to OKX unit successful January 2024 highlighted “a caller morals and compliance helpline to supply a confidential and unafraid abstraction for you to bring up concerns oregon issues astir ethical conduct, argumentation violations oregon suspected amerciable behavior.”
OKX representatives did not instantly respond to requests for comment. A CFTC spokesperson declined to comment.
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