OKX has launched a US cryptocurrency exchange just two months after settling legal issues with the Justice Department for $504 million. Roshan Robert has been appointed CEO of US operations, and the exchange is committed to compliance and responsible growth as regulations shift in the US.
OKX, a Seychelles-based cryptocurrency exchange, has officially launched its operations in the United States, barely two months following a hefty $504 million settlement with the Justice Department for previously unlicensed operations. The company has established a regional headquarters in San Jose, California, to oversee its US activities.
The exchange has appointed Roshan Robert as its CEO for the US division. Previously, Robert worked as a Director at Barclays for around eight years and was a Partner at Hidden Road, a crypto prime broker recently acquired by Ripple for $1.25 billion. He expressed enthusiasm about leading OKX US and emphasised the launch as a pivotal moment for the firm’s expansion into the US market.
Previously, OKX admitted to illegally providing services to American clients without the appropriate money transmitter licence, resulting in a settlement that included an $84 million penalty and compensation related to its earnings from US operations. The Justice Department noted that OKX onboarded US clients since at least 2017, despite having a policy intended to prevent such transactions.
The timing of OKX’s launch aligns with the US regulatory landscape showing signs of easing restrictions on the cryptocurrency sector. The SEC has recently ended several high-profile lawsuits against crypto firms and appointed a new Chair, Paul Atkins, who is perceived as more crypto-friendly, holding significant investments in the sector. OKX has stated that its entry into the American market reflects a commitment to responsible growth and adheres to evolving regulations.
