OKX announced on Tuesday that it is reopening its U.S. crypto exchange and introducing a new Web3 wallet for American users.
The move follows a $505 million deal with the U.S. Department of Justice (DOJ) earlier this year.
The Launch Details
“We’re officially launching in the U.S. with our centralized exchange and powerful multi-chain Web3 Wallet,” announced the company.
OKX also revealed that it has appointed Roshan Robert as its U.S. CEO and established its regional headquarters in San Jose, California. Robert, a former Barclays executive, commented on the development:
“I’m honored to join OKX as the U.S. CEO. I look forward to leading our expansion into the United States and broadening access to digital assets in a secure, transparent, and compliant way.”
According to a statement, the rollout will begin in phases, starting with existing OKCoin users, who will be migrated to the OKX platform. The firm said the transition will provide access to lower fees, advanced trading tools, and greater liquidity.
Further, a nationwide launch is scheduled for later in the year. Once operational, American users can trade major cryptocurrencies on their platform, including Bitcoin, Ethereum, USDT, and USDC, and connect their local bank accounts for deposits and withdrawals.
OKX highlighted that it maintains a global proof-of-reserves system, with independently verified monthly reports published by blockchain security firm Hacken. It added that it has implemented a risk-based compliance program that includes KYC protocols, due diligence procedures, fraud detection tools, geo-blocking, and market surveillance technologies.
Settlement with the DOJ
The relaunch comes after a February 2025 settlement with the DOJ. As part of the deal, OKX operator Aux Cayes FinTech Co. Ltd agreed to pay $84 million in civil penalties and forfeit $421 million in fees earned from U.S. users.
This was after the agency found that OKX had allowed its American customers to access its global platform despite an official policy barring them since 2017. According to the DOJ, the firm actively sought U.S. users, with at least one employee advising customers to falsify their location. Investigators also flagged over $5 billion in suspicious transactions linked to potential anti-money laundering violations.
The company stated that the affected users, mostly institutional clients, are no longer on the platform and that no allegations of customer harm were made. Since then, OKX has hired a compliance consultant to strengthen its regulatory framework and enhance oversight measures.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
