Seychelles-based crypto exchange OKX has announced its return to the U.S. market. The decision comes on the heels of a major $505 million settlement with the U.S. Department of Justice. OKX, having admitted to running an unlicensed money-transmitting business, now eyes a second chance in the world’s largest financial market.
The exchange’s reentry signals not just a fresh business strategy, but a deeper attempt to regain trust and prove its regulatory maturity after a rocky past. And this time, it says, it’s not leaving anything to chance.
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OKX’s U.S. Comeback – New CEO, HQ & Exchange Launch
As part of its U.S. comeback, OKX has appointed Roshan Robert as CEO of its American arm. Robert previously served as a director at Barclays. With the announcement, he revealed that the company is not only launching a revamped centralized exchange platform but also opening its U.S. headquarters in San Jose, California. According to him, the platform will be phased in carefully to guarantee a secure onboarding experience for users.
“Today, I’m thrilled to announce the launch of OKX’s centralized crypto exchange and OKX Wallet in the United States, alongside the establishment of our regional headquarters in San Jose, California.”
The company is not rushing things – its nationwide rollout is expected later in 2025. Existing Okcoin users will be migrated to the new OKX platform. The idea, Robert said, is to deliver a better user experience with lower fees, deeper liquidity, and new trading features.
OKX Launches Wallet with 130 Blockchain Support
Alongside its exchange, OKX is rolling out a digital wallet to American users. It supports 130 different blockchains and comes with a decentralized exchange aggregator, allowing access to over 10 million tokens. The wallet will let users tap into ecosystems such as Ethereum, Solana, and Base without relying on multiple platforms.
There’s a strong emphasis on transparency. OKX works with cybersecurity firm Hacken to publish a monthly proof-of-reserves report. According to Dmytro Yasmanovych, Hacken’s compliance lead, the firm verifies OKX’s asset control through signature checks and validates liabilities by analyzing 21,000 user proof files individually. Hacken also reconstructs the firm’s zk-STARK circuit to ensure accuracy in reporting.
OKX stated that it will integrate with local banks to simplify fiat access. Support will include major digital assets like Bitcoin, USDT, and USDC.
After the Fall: DOJ Settlement and What Followed
The platform’s reentry is tied closely to a settlement that came after intense federal scrutiny. On February 24, OKX admitted guilt to running an unauthorized money-transmitting business in breach of U.S. anti-money laundering laws.
The admission resulted in a $505 million penalty, with $84 million in direct penalties and $421 million forfeited from revenues mostly tied to institutional clients. As the investigation wrapped up, OKX pledged to strengthen its compliance framework. CEO Star Xu said on the day of the settlement:
“Our vision is to make OKX the gold standard of global compliance at scale across different markets and their respective regulatory bodies”
A spokesperson later confirmed that the firm’s U.S. return would focus heavily on compliance, differentiating OKX from other players by offering “deep liquidity, low trading fees, seamless fiat access.”
OKX’s More Freedom Promised
Robert expressed confidence in the company’s future in a recent interview with CNBC.
“What we are bringing to the U.S. is a new alternative, where we give [them] more freedom to choose. We’re doing this with a strong compliance and risk management architecture that we’ve built over the last year or so … We’ll provide retail users with capabilities of fiat on ramps, low fees, deep liquidity … and we’ll provide institutional customers with institutional rate compliance.”
He believes the firm is in a strong position to take a leadership role in the U.S. crypto market. This belief is rooted in the exchange’s ongoing investment in transparency and a user-first approach. As Robert described it, OKX is aiming to build a secure, inclusive platform suitable for everyone – from beginners to experienced traders.
OKX Climbs Back to Top 5 Exchanges
Even after all the penalties and missteps, OKX remains a top-five exchange globally in terms of traffic, liquidity, and trading volume. As of April, it follows Binance, Bybit, Coinbase, and South Korea’s Upbit in global rankings.
This return marks more than just a reopening – it’s a complete strategic reboot. The firm has promised to maintain a strict and comprehensive global compliance program. OKX lists key elements like customer risk ratings, geo-blocking, anti-money laundering tools, and market surveillance as cornerstones of its operations.
“We’ve built a comprehensive, risk-based global compliance program that includes enhanced due diligence, a robust KYC process, customer risk rating systems, advanced fraud detection, AML tools, geo-blocking, and market surveillance technologies.”
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