🤑💸 Cryptocurrency Chaos: OKX Pays $500M to US Authorities!
What to know:
- Oh dear, OKX, one of the world’s largest cryptocurrency exchanges, has settled charges with the U.S. Department of Justice. How quaint.
- OKcoin, the American division of OKX, received a subpoena from the Commodity Futures Trading Commission (CFTC) on February 24 last year. How thrilling.
- An internal document circulated to OKX staff in January 2024 highlighted the need for whistleblowing in the face of policy violations or suspected illegal behavior. How very responsible of them.
OKX, one of the largest cryptocurrency exchanges, settled with U.S. authorities over failing to obtain a license to operate as a money transmitter, the exchange announced Monday. How delightful.
Aux Cayes FinTech Co. Ltd., an OKX affiliate, is the specific party that settled with the U.S. Department of Justice, paying over $500 million in penalties and forfeited fees, a press release said. Oh my, that’s a lot of dosh.
A person familiar with the situation told CoinDesk that the settlement resolved allegations of fraudulent and non-compliant activities at the exchange that took place in past years. How very serious.
OKcoin, the American division of OKX, also received a subpoena issued by the CFTC on February 24 last year. CoinDesk saw the cover page of the subpoena, which refers to “Certain persons engaged in fraud and other unlawful conduct with respect to digital asset transactions.” Oh dear, it sounds like they were up to no good.
A second person said the CFTC probe into OKcoin relates to last year’s flash crash of the exchange’s native token following the sudden drop in the price of the OKB token on January 23, 2024. OKX told users they would be compensated for losses resulting from the crash. How very considerate of them.
An internal document circulated to OKX staff in January 2024 highlighted “a new ethics and compliance helpline to provide a confidential and secure space for you to bring up concerns or issues about ethical conduct, policy violations or suspected illegal behavior.” How very noble of them.
OKX representatives did not immediately respond to requests for comment. A CFTC spokesperson declined to comment. Oh dear, it seems they’re being very quiet about the whole affair.
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2025-02-25 00:33