Seychelles-based cryptocurrency exchange OKX announced its official entry into the U.S. market with the launch of a centralized crypto trading platform and its OKX Wallet for American users.
As part of the expansion, the company has established its U.S. headquarters in San Jose, California, and appointed Roshan Robert—a former executive at Morgan Stanley and Barclays—as its U.S. CEO.
“U.S. customers now have access to our high-performance platform, and we will be rolling out new features throughout the year as part of our vision to build a crypto Super App,” Robert said in a statement.
According to the announcement, existing users of OKCoin—a U.S.-based crypto exchange affiliated with OKX—will be transitioned to the new OKX platform. The rollout will be gradual, with a nationwide launch expected in 2025.
OKX’s move into the U.S. market comes as the country’s crypto landscape gains traction under President Donald Trump’s push for crypto-friendly policies and regulatory clarity.
$500 Million Settlement with DOJ
This expansion follows OKX’s $500 million settlement with the U.S. Department of Justice (DOJ), resolving allegations that the company serviced U.S. customers without proper authorization.
In February, the DOJ said it reached a resolution with Aux Cayes FinTech Co. Ltd., the entity operating the platform at the time. OKX noted that Aux Cayes was “one of many” affiliated entities.
The DOJ accused Aux Cayes of failing to secure the required licenses to operate a money transmission business for U.S. customers. Despite OKX having a stated policy to block American users, the DOJ said employees instructed customers on how to provide false information to circumvent restrictions.
OKX agreed to pay over $500 million, including $84 million in penalties and approximately $421 million in forfeited revenues earned from U.S. clients. The company emphasized that the U.S. users in question are no longer on the platform and that no customer harm was alleged.
