OKX Expands Crypto Trading Platform to US Market

Cryptocurrency exchange OKX has announced its official entry into the United States, launching its centralized exchange trading platform and OKX wallet for American customers. The company has established its regional headquarters in San Jose, California, marking a significant step in its global expansion. This move follows a $500 million settlement with the Department of Justice earlier this year, resolving issues related to operating without a proper license. OKX aims to provide U.S. users with a high-performance platform, with plans to introduce new features throughout 2025.

Roshan Robert, a former executive at Morgan Stanley and Barclays, has been appointed as the U.S. CEO to lead the company’s operations. The expansion includes migrating users from OKCoin, a San Francisco-based affiliate under the Hong Kong based OKGroup run by Star Xu, to the OKX platform. OKX plans a phased rollout of its services, with a full nationwide launch scheduled for later in 2025. The company’s entry aligns with growing optimism in the U.S. crypto industry, supported by recent pro-crypto policy developments.

Navigating Challenges and Building Trust

The U.S. launch comes after OKX resolved a significant regulatory hurdle through its February settlement with the Department of Justice. The $500 million agreement addressed claims that OKX operated a money transmitting business without proper licensing. The Justice Department noted that OKX had served U.S. customers despite policies intended to restrict access, with some employees allegedly encouraging users to bypass these rules. The settlement included $84 million in penalties and $421 million in forfeited fees, with OKX stating that affected U.S. customers are no longer active on the platform.

OKX emphasized that no customer harm was alleged in the settlement, positioning the resolution as a step toward compliance and growth. The company’s San Jose headquarters will serve as a hub for innovation, with Robert highlighting plans for a crypto “Super App” to enhance user experience. By integrating OKCoin’s operations into OKX USA, the exchange aims to streamline services and build a unified platform. This strategic expansion reflects OKX’s commitment to meeting regulatory standards while capitalizing on the evolving U.S. crypto market.