Seychelles-based cryptocurrency exchange OKX has expanded to the US, establishing a new regional headquarters in San Jose, California, expanding access to the platform and native OKX wallets to US-based Crypto traders.
In an announcement Tuesday evening, newly appointed CEO Roshan Robert said expansion was a “commitment to responsible growth.” Robert is recently an executive at Institutional Crypto Lending Platform CLST and a founding team member of Crypto Prime Broker Hidden Road, and was recently acquired by Ripple for $1.25 billion.
“As regulations evolve, OKX is working closely with US regulators and policymakers to ensure that we operate transparently and intricately,” writes Robert. “We have built a comprehensive risk-based global compliance program that includes enhanced due diligence, a robust KYC process, a customer risk assessment system, advanced fraud detection, AML tools, geoblocking and market surveillance technology. All of these are part of our commitment to a safe and compliant trading environment.”
Two months ago, OKX’s subsidiary resolved a charge that it was operating in the US without a remittance license and agreed to pay the Department of Justice (DOJ) a fine of more than $500 million and a forfeiture fee. The DOJ claimed that despite having an official policy prohibiting US-based users from accessing the platform, OKX “sought US customers, including the Southern New York.”
OKX is not the first crypto company to seek to expand or return to the US, which has become quite friendly to the crypto industry under the US President Donald Trump administration. Earlier this month, Token Launch Platform Coinlist announced its return to the US five years later.
Existing customers of OKX’s US-accessible sister company, Okcoin, will be “seamlessly migrating” to the OKX platform, which offers customers “deep liquidity, lower fees and advanced trading tools,” according to the company’s launch announcement.
