On Tuesday, Seychelles-based OKX announced the relaunch of the U.S. version of its cryptocurrency exchange, along with the introduction of a new wallet designed for American users to store and trade digital currencies. The company appointed Roshan Robert, a long-serving Barclays employee, as the CEO for its U.S. operations, and revealed plans to establish its U.S. regional headquarters in San Jose, California.
Robert, who formerly held an executive position at the crypto prime broker Hidden Road, recently acquired by Ripple for $1.25 billion in April, emphasized that the relaunch involves more than just rebranding. He stated that the entire technological interface has been revamped.
OKX’s renewed emphasis on the U.S. market follows a settlement reached in February between the exchange’s international entity and the Department of Justice. Prosecutors accused OKX of failing to implement adequate anti-money laundering measures and soliciting U.S. customers without being registered in the country. As part of the settlement, OKX agreed to pay a $500 million fine, pled guilty to one charge of operating an unlicensed money transmitting business, and committed to funding an external compliance consultant until February 2027.
Matthew Podolsky, Acting U.S. Attorney for the Southern District, noted that for more than seven years, OKX knowingly violated anti-money laundering laws and neglected to implement necessary policies safeguarding against the exploitation of the financial system by criminals.
OKX clarified in a blog post that there were no allegations of customer harm, no charges against any company employees, and no government-appointed monitor included in the settlement terms.
The exchange’s U.S. relaunch coincides with a more favorable regulatory climate for cryptocurrencies under President Donald Trump’s administration. OKX’s plans to expand U.S. presence preceded Trump’s second term, with Robert starting discussions with the exchange in the summer of 2024 before officially joining in September. He mentioned that they have been preparing their compliance and risk management infrastructures for about a year and a half.
Robert expressed openness towards the Trump administration’s more lenient stance on cryptocurrencies, acknowledging that although rulemaking will take time, there is a clear path forward.
As Robert leads the refreshed OKX U.S., he encounters significant competition from existing players like Coinbase and Kraken. Nonetheless, he is optimistic that the U.S. market is not zero-sum and believes the appetite for risky crypto investments among younger generations will expand the market. He described the digital asset market as an expanding universe.
Hong Fang, the global president of OKX, previously managed OKX’s U.S. entity, which was formerly known as OKcoin.
