OKX legally launches US crypto exchange only 2 months after $505M settlement
Seychelles-based OKX has now officially launched a centralized crypto exchange in the United States. This move comes less than two months after the company settled with the U.S. Justice Department by paying $504 million for previously operating without proper authorization. OKX has set up its regional headquarters in San Jose, California.
A New US CEO
The exchange has named Roshan Robert as the new CEO for its U.S. operations. Robert brings a wealth of experience, having served as a Director at Barclays for about eight years before joining crypto prime broker Hidden Road as a Partner, Group COO, and CCO—where he spent over four years. Recently, Hidden Road was acquired by Ripple for $1.25 billion.
Alongside launching the centralized exchange, OKX has introduced a dedicated crypto wallet for U.S. users.
"Over the past eight months, I worked alongside some of the most talented and dedicated professionals in the digital asset industry as we built OKX US," Robert wrote on LinkedIn. "This is more than just a product launch—it marks the beginning of a new chapter for our firm as we bring our world-class platform and Web3 ecosystem to the world’s largest financial market."
From Illegal to Legal
Previously, OKX admitted wrongdoing for offering services to U.S.-based clients without holding a money transmitter license. As part of its settlement, the company paid $504 million, of which $84 million was a penalty, while the rest represented fees earned from its U.S. customers.
The U.S. Justice Department revealed that OKX had been onboarding American clients since at least 2017, despite having an official policy intended to prevent U.S. persons from transacting on its exchange. From around 2018 until early 2024, the platform served both retail and institutional investors, processing over a trillion dollars in cryptocurrency transactions.
The relaunch of the exchange comes amid a broader easing of restrictions on the cryptocurrency sector in the United States. The Securities and Exchange Commission (SEC) has dropped several high-profile lawsuits and investigations involving crypto firms, while the incoming SEC Chair, Paul Atkins, is seen as more crypto-friendly and is reportedly invested with around $6 million in crypto assets.
"Our entry into America is more than a market expansion—it’s a commitment to responsible growth," OKX stated in its latest announcement. "As regulations continue to evolve, we are working closely with U.S. regulators and policymakers to ensure that we operate transparently and in full compliance."