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Fast take:
The OKX affiliate acknowledged that it had not obtained a license to function as a cash transmitter.
The corporate additionally acknowledged that sure U.S. prospects had prior to now traded on the corporate’s world platform.
Aux Cayes Fintech mentioned an enormous share of the $421 million in forfeited charges got here from a couple of institutional shoppers.
Aux Cayes Fintech, an affiliate of crypto trade firm OKX, has resolved a Division of Justice (DOJ) investigation acknowledging that it operated as a cash transmitter with out a license and that sure U.S. prospects had prior to now traded on the corporate’s world platform.
As a part of the decision, Aux Cayes agreed to pay a penalty of $84 million and forfeit charges earned from these US prospects over the interval, totalling roughly $421 million. In keeping with the crypto trade firm, an enormous share of the $421 million in forfeited charges got here from a couple of institutional shoppers.
“In recognition of those gaps, the Firm, by itself initiative, voluntarily retained a compliance marketing consultant to assist treatment the problems and improve its total compliance program and plans to proceed with this marketing consultant into the long run,” OKX wrote in a weblog publish.
The crypto trade firm mentioned it should now give attention to implementing its world growth plan, including that the settlement “displays development and positions OKX to proceed working with regulators and creating options that profit our prospects and the crypto market at massive.”
This settlement settlement additionally comes at a time when the SEC has been closing a number of ongoing investigations towards crypto corporations, together with Robinhood, which noticed the U.S. securities regulator shut the case towards its crypto arm.
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