The Seychelles-based digital asset exchange OKX has revealed its plans to re-enter the U.S. market.
According to a blog post dated April 16, OKX is set to reinvigorate its presence in the U.S. market with the appointment of former Barclays executive Roshan Robert as its CEO for the region. Robert stated in the announcement:
“I’m excited to declare the launch of OKX’s centralized cryptocurrency exchange and OKX Wallet in the United States, in addition to the opening of our regional headquarters in San Jose, California.“
All current Okcoin clients will transfer to the new platform, which Robert mentioned would enhance the overall user experience. The anticipated upgrades encompass increased liquidity, reduced fees, and sophisticated trading instruments.
Source: OKX
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Gradual Implementation
OKX will not implement the upgrade all at once. Instead, a gradual approach will be taken to onboard new customers. The exchange intends to adopt a careful strategy, with a broader launch across the nation anticipated for 2025.
Moreover, OKX has pledged to integrate with local financial institutions and provide support for prominent assets, such as Bitcoin (BTC), Ether (ETH), USDt (USDT) and USDC (USDC). Robert highlighted that the company upholds a global proof of reserves for all its assets, which is published monthly by cybersecurity firm Hacken.
Hacken had not responded to Cointelegraph’s request for comments by the time of publication.
In addition to its trading platform, the company is rolling out OKX Wallet to clients based in the U.S. The wallet offers support for 130 blockchains and includes a decentralized exchange (DEX) aggregator, providing access to over 10 million tokens on platforms such as Ethereum, Solana, and Base.
Related: Malta regulator imposes $1.2M fine on OKX crypto exchange for previous AML violations
OKX Navigates U.S. Challenges
This announcement comes on the heels of OKX engaging former New York Governor Andrew Cuomo for counsel during a federal investigation that resulted in the company pleading guilty to multiple offenses and agreeing to pay $505 million in fines and penalties.
The exchange acknowledged on February 24 that it had been operating an unlicensed money-transmitting business, breaching U.S. Anti-Money Laundering regulations. Consequently, OKX consented to pay penalties totaling $84 million while forfeiting $421 million in fees accumulated mainly from institutional clients.
Following the investigation’s conclusion, OKX indicated it would seek a compliance consultant to address the issues highlighted by the federal inquiry and enhance its compliance measures. OKX’s CEO Star Xu stated in a February 24 X post:
“Our goal is to establish OKX as the benchmark for global compliance across various markets and their associated regulatory frameworks.”
At the time of publication, OKX had not provided a response to Cointelegraph’s inquiry.
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