OKX to Pay $500 Million After Guilty Plea for Crypto Crime (2)

The OKX cryptocurrency exchange, one of the world’s largest, pleaded guilty on Monday to processing more than $1 trillion in transactions by US customers without a license and will pay more than $504 million in penalties.

The exchange, which allows users to make spot trades in more than 300 cryptocurrencies including Bitcoin and Ethereum, admitted in Manhattan federal court to a single felony count of operating an unlicensed money transmitting business.

US District Judge Katherine Polk Failla assessed the penalty in fines and forfeitures, following an agreement between US prosecutors and the exchange owner, the Seychelles-based Aux Cayes Fintech ...