OKX returns to the US

[IceLincoln]

OKX, who in the past, had legal issues with the US Department of Justice for operating in the US without the required license and violating AML and KYC regulations.
Two months ago they settled with the US DOJ by paying a fine of $505 million. And now they’ve officially announced their return to the US markets with a new leadership, new enhanced platform and a firm commitment to Legal Compliance strengthening their regulatory framework.

This is an example of “coming back bigger and better”.
I think they’ve learnt from their mistakes.
Having a US headquarters will help boost their economic value and the new platform has a fiat-to-crypto conversion (they have an integration with US banks).


Source: https://azc.news/okx-re-enters-the-u-s-market-id32945/

[Porfirii]

I'm not a big fan of CEX, but in the case of OKX (formerly OKEX) I'm glad to read these news. That's one of the few centralised exchanges I used when I started my crypto journey and I have to say that my experience with them was always positive.

In addition, we've to admit that it's a little step further towards adoption, although it is through an integration with the bank industry.

Thanks for sharing, IceLincoln.

[peter0425]

This is an example of “coming back bigger and better”.
I think they’ve learnt from their mistakes.

Source: https://azc.news/okx-re-enters-the-u-s-market-id32945/

I would hope so they learned from their mistakes. They had to pay millions of dollars for that lesson and if it will be pretty expensive to repeat their mistakes. At least they were able to settle because other companies would have just gone bankrupt trying to or they would not try at all.  I guess it is worth it because they have over 20 million users waiting for them spanning over 100 countries. I wonder if the US government will be stricter looking at them now due to past mistakes. And I wonder how many users have lost trust and how many remains to be confident with the platform?

[BenCodie]

I dislike that centralized exchanges are allowed to essentially give illicit gains to the US government while those which firstly, it might be much less than the actual gains, and secondly, thsoe who might have been negatively effected by those actions get nothing.

This is an example of “coming back bigger and better”.
I think they’ve learnt from their mistakes.

Source: https://azc.news/okx-re-enters-the-u-s-market-id32945/

I would hope so they learned from their mistakes. They had to pay millions of dollars for that lesson and if it will be pretty expensive to repeat their mistakes. At least they were able to settle because other companies would have just gone bankrupt trying to or they would not try at all.  I guess it is worth it because they have over 20 million users waiting for them spanning over 100 countries. I wonder if the US government will be stricter looking at them now due to past mistakes. And I wonder how many users have lost trust and how many remains to be confident with the platform?

If history of banking/corporate fraud is any indicator, they will just find new ways to exploit the market and new ways to not get caught. I doubt they will be stricter after the US has relaxed their prosecution standards recently.

[asriloni]

I still see positive and negative from this news.

The good thing is OKX's expansion to the US is widening the crypto adoption.

The bad thing is US customer will have access to the scam token such as PI, which will drain US retail's money.   

[EarnOnVictor]

I'm not a big fan of CEX, but in the case of OKX (formerly OKEX).

I've heard people saying the same sentence as this, but they are fully involved in CEX for trading and exchanges nonetheless. I hope you don't deal with them at all, which I doubt so much.

That's one of the few centralised exchanges I used when I started my crypto journey and I have to say that my experience with them was always positive.

Oh, you deal with them, as others, well, no big deal though, but kind of thinking that people are fans of CEX than they think. Indeed, OKX is good, though none of the crypto exchanges is clean 100%, but overall, their service is good. They could have just obeyed the US rules by then instead of being stubborn.

[doomloop]

In addition, we've to admit that it's a little step further towards adoption, although it is through an integration with the bank industry.

I don't agree with this statement because I believe centralized exchanges or exchanges as a whole don't play a big role towards adoption because they don't onboard people with no crypto knowledge but they only provide services to those who want to get their hands onto some cryptocurrencies and those who decide to choose a centralized exchange to begin their journey already are among the adoption.

I would hope so they learned from their mistakes. They had to pay millions of dollars for that lesson and if it will be pretty expensive to repeat their mistakes. At least they were able to settle because other companies would have just gone bankrupt trying to or they would not try at all.  I guess it is worth it because they have over 20 million users waiting for them spanning over 100 countries. I wonder if the US government will be stricter looking at them now due to past mistakes. And I wonder how many users have lost trust and how many remains to be confident with the platform?

Why would they be any stricter after taking a $505 million fine for previous offences? They do keep an eye on platforms and services that go against their rules and regulations, but those who comply with them and even pay a fine for going against them would probably not be under their radar at least for the initial phase unless they suspect they are still doing something wrong and I don't think any company would want to make more mistakes after paying such a heavy fine.

[coupable]

The bad thing is US customer will have access to the scam token such as PI, which will drain US retail's money.   

OKx is not directly responsible for its clients' use of projects deemed scams by the community. US users have numerous options for investing in scam projects, such as the PI Network, particularly the PI Network, which has seen numerous buy and sell offers on social media (Facebook and Reddit).
The problem may be that trading platforms can no longer be held accountable for their listing activities, given Trump's extremely lenient approach to these applications. The direct impact of these policies will be perceived as encouraging scams and evading accountability.

[Agbamoni]

The board members of OKX need to be very smart in thinking and making decisions. The US has fine them ones and they might fine them again in the future if they make a mistake somewhere. One thing about the US is they won't let you be free completely, OKX will always remain on their watchlist even after paying a fine, and any misstep will result to another round of penalty.

The bad thing is US customer will have access to the scam token such as PI, which will drain US retail's money.   

OKx is not directly responsible for its clients' use of projects deemed scams by the community. US users have numerous options for investing in scam projects, such as the PI Network, particularly the PI Network, which has seen numerous buys and sell offers on social media (Facebook and Reddit).

For now no one knows if the PI network is a scam. Perhaps you agreeing to what asriloni said. Without any solid information to approve desilting of the PI coin no action will be taking by OKX yet. Customers are free to invest on the coin but if Para venture it turns out to be a scam OKX with take responsibility of delisting the coin.

[Josefjix]

Let them come back to operate in the Nigerian market where they'll get the best treatment and profits so far from other nations. Infact, OKex board of directors members would've confirmed the amount of they lost from removing themselves out of Nigerian market. The operation of Nigerian on OKex brings lots of liquidity and business into the p2p market especially and no other nations could outperform this nation in that category.

[coupable]

The bad thing is US customer will have access to the scam token such as PI, which will drain US retail's money.   

OKx is not directly responsible for its clients' use of projects deemed scams by the community. US users have numerous options for investing in scam projects, such as the PI Network, particularly the PI Network, which has seen numerous buys and sell offers on social media (Facebook and Reddit).

For now no one knows if the PI network is a scam. Perhaps you agreeing to what asriloni said. Without any solid information to approve desilting of the PI coin no action will be taking by OKX yet. Customers are free to invest on the coin but if Para venture it turns out to be a scam OKX with take responsibility of delisting the coin.

I'm not here to convince you that the PI Network is a scam, but assuming it is, I can offer a valid argument. The PI Network is still under investigation, and there are no indications that it is a legitimate project. Reliable sources have addressed the PI Network, and all analyses indicate that it is unreliable.

[Kemarit]

This is an example of “coming back bigger and better”.
I think they’ve learnt from their mistakes.

Source: https://azc.news/okx-re-enters-the-u-s-market-id32945/

I would hope so they learned from their mistakes. They had to pay millions of dollars for that lesson and if it will be pretty expensive to repeat their mistakes. At least they were able to settle because other companies would have just gone bankrupt trying to or they would not try at all.  I guess it is worth it because they have over 20 million users waiting for them spanning over 100 countries. I wonder if the US government will be stricter looking at them now due to past mistakes. And I wonder how many users have lost trust and how many remains to be confident with the platform?

Paying millions though doesn't mean that they have learn their lessons. It's all business for them, they are willing to pay because they want to corner the US and we all know how big the US market is. They can cover that amount maybe in less than a year.

And that move is a win win for them and the government. US touted to be crypto friendly and so OKX agrees to pay, simply as that.

This is the official statement:



https://www.okx.com/help/us-licenses

[Queentoshi]

OKX, who in the past, had legal issues with the US Department of Justice for operating in the US without the required license and violating AML and KYC regulations.
Two months ago they settled with the US DOJ by paying a fine of $505 million. And now they’ve officially announced their return to the US markets with a new leadership, new enhanced platform and a firm commitment to Legal Compliance strengthening their regulatory framework.

This is an example of “coming back bigger and better”.
I think they’ve learnt from their mistakes.
Having a US headquarters will help boost their economic value and the new platform has a fiat-to-crypto conversion (they have an integration with US banks).

Let's say I finally used to use the exchange and now I've moved to another exchange that is providing me a better experience, it will be almost difficult for me to leave the exchange I currently use and move back to using OKX even with their claim or being bigger and better. This is a challenge with businesses that go on a pause or stop for a while for various reasons because it becomes a difficult to get back their old customers and return them back with their active customer base.

Also, as you have said it to be an example of coming back bigger and better It should not change the fact that it is a very high risk to trust this exchange to secure your investment. OkX may be back again bigger and better, yes but still do not trust them enough that you begin keeping and securing your investments with them instead of a cold wallet.

[armanda90]

Likely its business get benefit for US government, OKX as top exchange market have to pay $505 million for getting regulation in US and its worth it for the future because have many member US citizen investing and trading in cryptocurrency. I think good news for awhile have several CEX exchange market have legal is US firstly Binance and now have OKX exchange, OKX won't US citizen dominance by using Binance US exchange only for trading in cryptocurrency market and OKX present for several exchange kinds available at US.

Also, as you have said it to be an example of coming back bigger and better It should not change the fact that it is a very high risk to trust this exchange to secure your investment. OkX may be back again bigger and better, yes but still do not trust them enough that you begin keeping and securing your investments with them instead of a cold wallet.

Not talk about high risk or not when investing cryptocurrency assets at CEX exchange market but OP just informed about OKX have been legal in US and the Citizen have another kinds of CEX exchange for trading, previously there are have Binance US but difference kinds with Binance global due not all altcoin are listing with Binance US exchange. CEX exchange become third party for trader and investor to buy bitcoin and altcoin before saving at cold wallet, you can't invest bitcoin without have service of CEX exchange market.

[hafiztalha]

OKX is a very wonderful exchange and I has great experience with that because I like to trade on that exchange. There are millions of people are getting benefit from that platform and people are learning by doing trade on that . I saw many Airdrops who have option to connect the Wallet from that exchange. In the near future, we will see big progress by that platform. There are many leaders which are behind this platform and thet are doing hard work for the success and their improvement is good. US has OKX and that is best for the public because they have good reviews about that .After come back, they are more strong from the previous time and they will improve their securities and we will feel free to keep our money in this exchange.

[Bitcoin_Arena]

Let them come back to operate in the Nigerian market where they'll get the best treatment and profits so far from other nations. Infact, OKex board of directors members would've confirmed the amount of they lost from removing themselves out of Nigerian market. The operation of Nigerian on OKex brings lots of liquidity and business into the p2p market especially and no other nations could outperform this nation in that category.

Just wondering. What made the exit the Nigerian Market?

And now they’ve officially announced their return to the US markets with a new leadership, new enhanced platform and a firm commitment to Legal Compliance strengthening their regulatory framework.

They are probably going to create an alternative platform specifically for the US citizen, right? Because I don't see them offering product like futures trading to the US folks unless if they just remove all those products in their platform.

[Cookdata]

OKX, who in the past, had legal issues with the US Department of Justice for operating in the US without the required license and violating AML and KYC regulations.
Two months ago they settled with the US DOJ by paying a fine of $505 million. And now they’ve officially announced their return to the US markets with a new leadership, new enhanced platform and a firm commitment to Legal Compliance strengthening their regulatory framework.

This is an example of “coming back bigger and better”.
I think they’ve learnt from their mistakes.
Having a US headquarters will help boost their economic value and the new platform has a fiat-to-crypto conversion (they have an integration with US banks).


Source: https://azc.news/okx-re-enters-the-u-s-market-id32945/

I don't think it was only about having headquarter, there is something you need to understand about government, they ar very wicked and want to be in charge especially when they know that your business is doing well in the region, don't you see the game they have been playing with TikTok since last 2 years, the biggest place they are generating revenue is from US and because of that, they suddenly don't believe to the platform is safe and they want to buy it, can you imagine!

What I can see here is this government was probably fair in the game playing than Biden administration and they want to agree to some terms by having headquarter in their place, similarly this was the same thing the Nigerian government as OKX in 2023 but because they don't want to, they left Nigeria space and ask all Nigerians users to withdraw all their money from their exchange, all this is because of one person in the government and other selfish interest.

[UchihaSarada]

OKX, who in the past, had legal issues with the US Department of Justice for operating in the US without the required license and violating AML and KYC regulations.
Two months ago they settled with the US DOJ by paying a fine of $505 million. And now they’ve officially announced their return to the US markets with a new leadership, new enhanced platform and a firm commitment to Legal Compliance strengthening their regulatory framework.

The USA market is a big one and no company don't want to join it if it is possible for them.

OKX and other Centralized Exchanges already left the USA market return and will return there when they feel regulations there become more friendly and there is space for getting benefit there with their comeback.

OKX frozen my account and required me to KYC with a less than $1,000 deposit. Read it and feel like you want to use OKX or not.

[batang_bitcoin]

They should take advantage of the situation where US is too strict for other exchanges and the competition is lesser. I think that I've seen them very active in solving most of the disputes where their operations have been delayed or halted. US is such a huge market and they can't just leave them just like what Binance did, they've paid the penalties so they can operate there continuously because they know that in due time, all of those paid penalties are going to come back to them and they'll start making profits with the huge userbase that they'll get there.

[AVE5]

A lot of exchanges has been violating government policies and operating without being authorized and no issuance of licenses from the law enforcements.
What do they really expect it not getting charged with legal offense bound.
However, i sometimes think it's the easy means for the exchange to get government compliances for them to operate in the regions. I believe the government will over bill the exchange or even disagree for them to be issued licensed for them to operate in the respective places due to the fact the exchange is associated with a decentralized finances while the government has always seek for what they'd control conditionally such as the regulatory compliances.
And in a society where the government needs money for infrastructures or paying their debts, they could just lias with the exchange and they both would have a solid agreement of only the exchange is okay by it.
If you know the net worth of the OKX then you'll know the sum of $ paid to obtain the license is less to be compared to what they benefits from the US resident users of the platform.
Such a good news because it'll give more encouragement of residence to wider their adoption of bitcoin in the US.