Audit log

Every state-changing event for OKX: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-05-30 17:46:16Z
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   {"actor":"system:backfill","investigation_id":"37ff6a21-bdb8-47a7-908e-f9841fe89699","kind":"publish","page_slug":"okx","published_at":"2026-05-30T17:46:16.483Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"OKX","sections":[{"content":"OKX is a global centralized cryptocurrency exchange offering spot trading, derivatives, options, perpetual swaps, staking, and decentralized wallet services. Its legal operating entity is Aux Cayes Fintech Co. Ltd, incorporated in the Seychelles. The platform traces its origins to OKCoin, a Chinese exchange founded in 2013 by Mingxing 'Star' Xu. The international exchange brand OKEx was launched in 2017, and the name was shortened to OKX in January 2022. As of mid-2025 the exchange claims over 50 million users across more than 160 countries, with approximately $6 trillion in total trading volume processed in 2024, representing a 114% year-over-year increase. OKX ranked second globally among centralized exchanges by daily trading volume as of 2025, holding approximately 16% of global CEX market share. Intercontinental Exchange (ICE), the publicly traded parent company of the New York Stock Exchange, made a roughly $200 million strategic investment in OKX in March 2026, valuing the company at $25 billion.","heading":"Overview","severity":"low","sources":[{"credibility":2,"name":"OKX - Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/OKX"},{"credibility":2,"name":"OKX Reports Record Growth in 2024 — DeFi Planet","type":"news_article","url":"https://defi-planet.com/2025/01/okx-reports-record-growth-in-2024-sees-991-surge-in-wallet-users-and-20-fold-rise-in-dex-trading-volume-2/"},{"credibility":1,"name":"NYSE Parent ICE Invests in OKX at $25B Valuation — Fortune","type":"news_article","url":"https://fortune.com/2026/03/05/okx-ice-intercontinental-exchange-investment-tokenized-securities-25-billio/"},{"credibility":1,"name":"ICE Makes Investment in OKX — Official ICE Press Release","type":"official","url":"https://ir.theice.com/press/news-details/2026/ICE-Makes-Investment-in-OKX-Establishing-Strategic-Relationship/"}]},{"content":"On February 24, 2025, Aux Cayes Fintech Co. Ltd — the Seychelles-incorporated entity operating the OKX exchange — pleaded guilty in the Southern District of New York to one count of operating an unlicensed money transmitting business. The plea agreement required OKX to pay more than $504 million in combined penalties, consisting of approximately $84.4 million in criminal fines and $420.3 million in criminal forfeiture. The DOJ found that for over seven years OKX knowingly violated U.S. anti-money laundering laws, facilitated more than $5 billion in suspicious transactions, and processed more than $1 trillion in transactions by U.S. customers without holding the required licenses. Prosecutors further found that OKX actively solicited U.S. customers and advised individuals to provide false information to circumvent KYC and compliance procedures. FBI Assistant Director James E. Dennehy stated that 'for years, OKX flagrantly violated U.S. law' while actively recruiting U.S. customers and coaching them on how to bypass safeguards. As part of the plea, OKX was required to retain an external compliance consultant through February 2027. Unlike the contemporaneous Binance case ($4.3 billion settlement), no OKX executives faced individual criminal charges. OKX began remedial compliance measures in 2022 and received a penalty reduction for cooperation with investigators.","heading":"US Department of Justice Guilty Plea and $504 Million Settlement (2025)","severity":"critical","sources":[{"credibility":1,"name":"OKX Pleads Guilty To Violating U.S. Anti-Money Laundering Laws — DOJ SDNY","type":"regulatory","url":"https://www.justice.gov/usao-sdny/pr/okx-pleads-guilty-violating-us-anti-money-laundering-laws-and-agrees-pay-penalties"},{"credibility":1,"name":"OKX pleads guilty to money transmitter charge, pays $500 million fine — Axios","type":"news_article","url":"https://www.axios.com/2025/02/24/okx-guilty-fine"},{"credibility":2,"name":"OKX Pleads Guilty to Illegally Operating in the US: Pays $505 Million — Finance Magnates","type":"news_article","url":"https://www.financemagnates.com/cryptocurrency/okx-pleads-guilty-to-illegally-operating-in-the-us-pays-505-million/"},{"credibility":2,"name":"OKX reaches $505M non-compliance settlement with DOJ — Crypto News","type":"news_article","url":"https://crypto.news/okx-non-compliance-settlement-doj-2025/"},{"credibility":2,"name":"OKX's $500 Million Penalty: Key Takeaways for AML Pros — Sanctions.io","type":"research","url":"https://www.sanctions.io/blog/okxs-500-million-penalty-key-takeaways-for-aml-pros"}]},{"content":"In addition to the US DOJ settlement, OKX's European subsidiary OKCoin Europe Ltd faced regulatory sanctions in Malta. In March 2024 the Malta Financial Services Authority (MFSA) imposed a penalty of approximately EUR 304,000 on OKCoin Europe for failing to comply with local virtual asset regulations under the Virtual Financial Assets Act; the settlement included a requirement to appoint an independent third-party reviewer of OKX's governance arrangements. Subsequently, Malta's Financial Intelligence Analysis Unit (FIAU) imposed a further fine of EUR 1.1 million (approximately $1.2 million) on OKCoin Europe following an on-site examination in April 2023 that uncovered what the regulator described as 'serious and systematic' AML breaches. The FIAU found that OKCoin Europe failed to conduct adequate risk assessments for numerous customer files, did not properly evaluate financial transactions exceeding $20 million, and recorded instances where customer deposits significantly deviated from reported expected activity. These Malta penalties overlap with the same underlying period of conduct addressed by the US DOJ. OKX secured a full MiCA authorization from the MFSA on January 27, 2025, covering nine of ten MiCA-authorized services and allowing it to passport across all 30 European Economic Area member states.","heading":"Malta and EU AML Regulatory Penalties","severity":"high","sources":[{"credibility":2,"name":"OKX Fined $1.2M in Malta for Violating AML Regulations — CCN","type":"news_article","url":"https://www.ccn.com/news/crypto/okx-fined-1-2m-malta-violating-aml-regulations-500m-penalty/"},{"credibility":2,"name":"EUR 1.1 Million Penalty: OKX Rebuked for AML Deficiencies in Malta — AML Square","type":"news_article","url":"https://amlsquare.com/news/e1-1-million-penalty-okx-rebuked-for-aml-deficiencies-in-malta/"},{"credibility":1,"name":"OKX Quietly Settled Regulatory Failings With Malta MFSA — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2024/03/27/okx-quietly-settled-regulatory-failings-with-malta-financial-services-authority"},{"credibility":2,"name":"OKX Secures Full MiCA License, Plans Expansion to All 30 EEA Member States — CCN","type":"news_article","url":"https://www.ccn.com/news/crypto/okx-first-global-exchange-secure-mica-license/"}]},{"content":"On October 16, 2020, OKEx suspended all customer withdrawals, citing the unavailability of a 'private key holder' who was cooperating with a public security bureau investigation. Prior reporting indicated that founder and CEO Mingxing 'Star' Xu had been taken in by Chinese police at least a week before the withdrawal suspension was announced. The exchange gave no advance notice to customers before freezing withdrawals. Reports at the time alleged Xu was detained in connection with a Chinese regulatory investigation into a backdoor stock listing by OK Group on a Hong Kong-listed company in 2019, rather than for any misconduct at the exchange itself. Xu posted on a private social media platform stating he was cooperating with authorities and that 'the authorities have clarified the matter and proved me innocent.' On November 19, 2020, after a 42-day suspension, OKEx announced it would resume unrestricted withdrawals. The incident highlighted a key custodial risk: the exchange's withdrawal infrastructure was structured such that a single key holder's unavailability could halt all customer withdrawals for an extended period. OKEx compensated affected users with trading fee rebates and a distribution of OKB tokens.","heading":"2020 Withdrawal Freeze and Founder Detention","severity":"high","sources":[{"credibility":1,"name":"OKEx Founder Incommunicado While Assisting in Investigation — CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2020/10/16/okex-founder-star-xu-held-in-police-custody-report"},{"credibility":1,"name":"Star Xu Surfaces From Detention as OKEx Mystery Key Holder Also Returns — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2020/11/20/star-xu-surfaces-from-detention-as-okexs-mystery-key-holder-also-returns"},{"credibility":2,"name":"OKEx Freezes Withdrawals, OKCoin Founder Detained — BTC Times","type":"news_article","url":"https://www.btctimes.com/news/not-your-keys-not-your-bitcoin-okex-freezes-withdrawals"},{"credibility":2,"name":"Okex Halts Withdrawals Due to Out of Touch Private Key Holder — Bitcoin.com News","type":"news_article","url":"https://news.bitcoin.com/okex-halts-withdrawals-due-to-out-of-touch-private-key-holder-founder-star-xu-talks-with-police/"}]},{"content":"In July and August 2018, OKEx was forced to initiate a 'socialized loss' clawback after a single trader held an approximately $420 million Bitcoin futures long position that the exchange was unable to liquidate without triggering massive losses. When OKEx asked the unidentified client to reduce the position, the client refused. The resulting forced liquidation left a shortfall that OKEx's insurance fund could not fully cover, and the exchange applied a 17.7% clawback against all profitable traders on the opposing side of the trade. OKEx subsequently contributed 2,500 Bitcoin (valued at approximately $18.5 million at the time) to its insurance fund. Critics including Forbes questioned OKEx's risk management practices, arguing the exchange should not have allowed a position of that magnitude to accumulate without adequate margin controls. The incident raised broader questions about the exchange's derivatives risk controls and the transparency of its clawback mechanism.","heading":"2018 Futures Clawback and Socialized Loss Controversy","severity":"medium","sources":[{"credibility":2,"name":"OKEx Initiates Clawback after Bitcoin Futures Market Unable to Cover $420 Million Liquidation — CCN","type":"news_article","url":"https://www.ccn.com/okex-initiates-clawback-after-bitcoin-futures-market-unable-to-cover-420-million-liquidation/"},{"credibility":1,"name":"OKEx Bitcoin Exchange to Socialize Loss on $416 Million Long Bet — Fortune","type":"news_article","url":"https://fortune.com/2018/08/03/okex-losses-among-counter-parties/"}]},{"content":"In December 2023, OKX's DEX aggregator product suffered a security exploit. Blockchain security firm PeckShield estimated total losses at approximately $2.7 million in various cryptocurrencies, while OKX's own statements reported approximately $370,000 drained from 18 authorized wallet addresses. The exploit was attributed to a compromise of the management rights of an abandoned market maker contract following a proxy admin contract upgrade; security analysts suggested the private key of the proxy admin owner may have been leaked. OKX stated it would initiate loss recovery procedures and conduct a security self-examination. In March 2025, OKX temporarily suspended its DEX aggregator service after detecting that the North Korean Lazarus Group — responsible for the $1.5 billion Bybit exchange hack — attempted to use the OKX DEX to launder approximately $100 million of stolen cryptocurrency. EU regulators subsequently opened an investigation into OKX's DEX aggregator over its alleged involvement in laundering proceeds from the Bybit theft. OKX denied that its platform played an active role and described coverage of the allegations as a 'targeted media attack.' OKX relaunched its DEX aggregator with upgraded security controls, including real-time abuse detection and a dynamic blocklist of suspect addresses.","heading":"DEX Security Incidents","severity":"high","sources":[{"credibility":2,"name":"OKX DEX suffers $2.7M exploit after proxy admin contract upgrade — CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/okx-dex-2-7-m-exploit-proxy-admin-contract-upgrade"},{"credibility":2,"name":"OKX suspends DEX aggregator after Lazarus hackers try to launder funds — BleepingComputer","type":"news_article","url":"https://www.bleepingcomputer.com/news/security/okx-suspends-dex-aggregator-after-lazarus-hackers-try-to-launder-funds/"},{"credibility":2,"name":"OKX Halts DEX Aggregator Services Amid Lazarus Group Misuse and EU Investigations — CoinMarketCap","type":"news_article","url":"https://coinmarketcap.com/academy/article/okx-halts-dex-aggregator-services-amid-lazarus-group-misuse-and-eu-investigations"},{"credibility":2,"name":"Crypto exchange OKX shuts down tool used by North Korean hackers — The Record","type":"news_article","url":"https://therecord.media/crypto-okx-shuts-down-exchange"}]},{"content":"Following the collapse of FTX in November 2022, OKX began publishing monthly Proof of Reserves (PoR) reports using cryptographic Merkle tree proofs combined with zk-STARK zero-knowledge proofs, allowing any user to independently verify that their individual balance is included in the total reported reserves without exposing other users' data. As of early 2026, OKX had published 37 consecutive monthly PoR reports. The most recent reports showed total primary assets exceeding $30 billion, with key assets overcollateralized: BTC and USDT at approximately 105% and ETH at approximately 102% of customer liabilities. Independent audits of OKX's PoR methodology have been conducted by blockchain security firm Hacken, which validated over 655,000 unique wallet addresses across more than 20 blockchain networks. OKX's open-source PoR verification code is publicly available on GitHub. While these measures represent industry-leading transparency relative to many centralized exchanges, they are not equivalent to a full third-party financial audit of the entire entity; they verify asset backing at a point in time but do not assess off-balance-sheet liabilities or the broader corporate financial position.","heading":"Proof of Reserves and Solvency Transparency","severity":"low","sources":[{"credibility":2,"name":"Proof of Reserves Audit for OKX — Hacken","type":"research","url":"https://hacken.io/case-studies/okx-por/"},{"credibility":2,"name":"OKX releases 37th consecutive Proof of Reserves with over $30B in assets — Bitdigest","type":"news_article","url":"https://www.bitdigest.io/posts/okx-releases-its-37th-consecutive-proof-of-reserves-with-over-30b-in-assets-fully-backed"},{"credibility":2,"name":"OKX Proof of Reserves — GitHub (open source)","type":"official","url":"https://github.com/okx/proof-of-reserves"},{"credibility":2,"name":"OKX publishes 29th Proof of Reserves with $24.6 billion guaranteed — Cryptonomist","type":"news_article","url":"https://en.cryptonomist.ch/2025/03/31/okx-strengthens-trust-with-the-29th-proof-of-reserves-24-6-billion-guaranteed-and-transparent-audit/"}]},{"content":"OKX has exited or restricted services across several jurisdictions, in most cases citing regulatory compliance. The exchange voluntarily withdrew from the United States market following regulatory pressure and the DOJ investigation; it held no U.S. money transmitter licenses for most of this period. OKX ended Canadian operations in early 2025 after failing to register as a Money Services Business with FINTRAC, Canada's financial intelligence regulator. OKX ceased all operations in Nigeria by mid-August 2024, having first suspended Nigerian Naira withdrawals in May 2024, citing what it described as an unstable regulatory environment. India is listed as a restricted location in OKX's official country documentation. The exchange also does not service residents of U.S. territories including Puerto Rico and Guam, nor states including New York and Kentucky. In April 2025, OKX relaunched U.S. operations with a new regional CEO (Roshan Robert, formerly of Morgan Stanley and Barclays) and a San Jose, California headquarters, operating under state-level money transmitter licenses and under the ongoing DOJ compliance monitoring arrangement.","heading":"Jurisdictional Restrictions and Market Exits","severity":"medium","sources":[{"credibility":2,"name":"OKX Supported and Restricted Countries — Datawallet","type":"other","url":"https://www.datawallet.com/crypto/okx-restricted-countries"},{"credibility":2,"name":"OKX To Exit Nigeria — CCN","type":"news_article","url":"https://www.ccn.com/news/crypto/okx-exit-nigeria-cites-unstable-regulatory/"},{"credibility":1,"name":"OKX Crypto Exchange Relaunches in US After $500M Fine — Fortune","type":"news_article","url":"https://fortune.com/crypto/2025/04/15/okx-relaunch-us-exchange-wallet-san-jose-california-new-ceo-roshan-robert/"},{"credibility":2,"name":"Canada Crypto Exchanges 2026 — Bitget Academy","type":"other","url":"https://www.bitget.com/academy/are-platforms-like-kucoin-binance-or-okx-legal-to-use-in-canada-2026-complete-regulatory-guide"}]},{"content":"As a centralized exchange, OKX holds customer assets in custodial wallets, meaning users do not control their private keys. The 42-day withdrawal freeze of 2020 demonstrated that events external to normal operations — including regulatory inquiries into individual personnel — can result in total loss of access to funds for extended periods. The DOJ's 2025 finding that OKX coached customers on bypassing KYC procedures also raises questions about historical compliance culture within the organization. OKX's exchange and wallet services are provided through multiple legal entities across Seychelles, Malta (EU), and the United States, which may complicate legal recourse for customers in different jurisdictions. The Seychelles incorporation of the primary exchange entity (Aux Cayes Fintech Co. Ltd) means that in a worst-case insolvency scenario, customers in most jurisdictions would have limited statutory protections. Ongoing court-supervised compliance monitoring through February 2027 and the ICE strategic investment provide some additional accountability in the near term.","heading":"Custodial and Counterparty Risk","severity":"high","sources":[{"credibility":1,"name":"OKX Pleads Guilty To Violating U.S. Anti-Money Laundering Laws — DOJ SDNY","type":"regulatory","url":"https://www.justice.gov/usao-sdny/pr/okx-pleads-guilty-violating-us-anti-money-laundering-laws-and-agrees-pay-penalties"},{"credibility":1,"name":"OKEx Founder Incommunicado While Assisting in Investigation — CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2020/10/16/okex-founder-star-xu-held-in-police-custody-report"}]},{"content":"OKX is operated by Aux Cayes Fintech Co. Ltd, incorporated in the Seychelles, which is part of the broader OK Group holding structure controlled by founder Mingxing 'Star' Xu. Xu was born in Hunan, China, holds a Bachelor's degree in Applied Physics from the University of Science and Technology Beijing, and co-founded the document-sharing website Docin.com in 2007 before entering cryptocurrency. He founded OKCoin in 2013 and subsequently launched the international OKEx brand in 2017. As of 2025, his net worth is estimated at approximately $1.4 billion. OKX relocated its operational headquarters from Hong Kong to San Jose, California in April 2025. The company maintains offices in Singapore, UAE (Dubai), the Bahamas, and other jurisdictions. OKX has secured regulatory approvals in multiple markets including a Dubai Virtual Asset Regulatory Authority (VARA) license (2022), the EU MiCA authorization via Malta (January 2025), and U.S. state money transmitter licenses. In March 2026, Intercontinental Exchange made a roughly $200 million investment at a $25 billion valuation and received a board seat.","heading":"Ownership, Leadership, and Corporate Structure","severity":"low","sources":[{"credibility":2,"name":"Star Xu — Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Star_Xu"},{"credibility":2,"name":"Star Xu Biography, Career, Net Worth — Traders Union","type":"other","url":"https://tradersunion.com/persons/star-xu/"},{"credibility":1,"name":"NYSE Parent ICE Invests in OKX at $25B Valuation — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2026/03/05/nyse-owner-ice-forges-strategic-partnership-with-crypto-exchange-okx"}]}],"sources_used":[{"credibility":1,"name":"OKX Pleads Guilty To Violating U.S. Anti-Money Laundering Laws — DOJ SDNY","type":"regulatory","url":"https://www.justice.gov/usao-sdny/pr/okx-pleads-guilty-violating-us-anti-money-laundering-laws-and-agrees-pay-penalties"},{"credibility":1,"name":"OKX pleads guilty to money transmitter charge, pays $500 million fine — Axios","type":"news_article","url":"https://www.axios.com/2025/02/24/okx-guilty-fine"},{"credibility":2,"name":"OKX - Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/OKX"},{"credibility":2,"name":"Star Xu - Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Star_Xu"},{"credibility":1,"name":"OKEx Founder Incommunicado While Assisting in Investigation — CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2020/10/16/okex-founder-star-xu-held-in-police-custody-report"},{"credibility":1,"name":"Star Xu Surfaces From Detention as OKEx Mystery Key Holder Also Returns — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2020/11/20/star-xu-surfaces-from-detention-as-okexs-mystery-key-holder-also-returns"},{"credibility":1,"name":"OKX Quietly Settled Regulatory Failings With Malta MFSA — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2024/03/27/okx-quietly-settled-regulatory-failings-with-malta-financial-services-authority"},{"credibility":1,"name":"OKX Bitcoin Exchange to Socialize Loss on $416 Million Long Bet — Fortune","type":"news_article","url":"https://fortune.com/2018/08/03/okex-losses-among-counter-parties/"},{"credibility":1,"name":"OKX Crypto Exchange Relaunches in US — Fortune","type":"news_article","url":"https://fortune.com/crypto/2025/04/15/okx-relaunch-us-exchange-wallet-san-jose-california-new-ceo-roshan-robert/"},{"credibility":1,"name":"NYSE Parent ICE Invests in OKX at $25B Valuation — Fortune","type":"news_article","url":"https://fortune.com/2026/03/05/okx-ice-intercontinental-exchange-investment-tokenized-securities-25-billio/"},{"credibility":1,"name":"ICE Makes Investment in OKX — Official ICE Press Release","type":"official","url":"https://ir.theice.com/press/news-details/2026/ICE-Makes-Investment-in-OKX-Establishing-Strategic-Relationship/"},{"credibility":1,"name":"NYSE Parent ICE Invests in OKX — Bloomberg","type":"news_article","url":"https://www.bloomberg.com/news/articles/2026-03-05/nyse-owner-invests-in-crypto-exchange-at-25-billion-valuation"},{"credibility":1,"name":"NYSE Parent ICE Invests in OKX — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2026/03/05/nyse-owner-ice-forges-strategic-partnership-with-crypto-exchange-okx"},{"credibility":2,"name":"OKX DEX suffers $2.7M exploit — CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/okx-dex-2-7-m-exploit-proxy-admin-contract-upgrade"},{"credibility":2,"name":"OKX suspends DEX aggregator after Lazarus hackers try to launder funds — BleepingComputer","type":"news_article","url":"https://www.bleepingcomputer.com/news/security/okx-suspends-dex-aggregator-after-lazarus-hackers-try-to-launder-funds/"},{"credibility":2,"name":"OKX suspends DEX aggregator following Lazarus misuse — The Block","type":"news_article","url":"https://www.theblock.co/post/346538/okx-suspends-dex-aggregator-following-lazarus-misuse-and-heightened-eu-scrutiny"},{"credibility":2,"name":"EUR 1.1 Million Penalty: OKX Rebuked for AML Deficiencies in Malta — AML Square","type":"news_article","url":"https://amlsquare.com/news/e1-1-million-penalty-okx-rebuked-for-aml-deficiencies-in-malta/"},{"credibility":2,"name":"OKX Fined $1.2M in Malta — CCN","type":"news_article","url":"https://www.ccn.com/news/crypto/okx-fined-1-2m-malta-violating-aml-regulations-500m-penalty/"},{"credibility":2,"name":"OKX Secures Full MiCA License — CCN","type":"news_article","url":"https://www.ccn.com/news/crypto/okx-first-global-exchange-secure-mica-license/"},{"credibility":2,"name":"Proof of Reserves Audit for OKX — Hacken","type":"research","url":"https://hacken.io/case-studies/okx-por/"},{"credibility":2,"name":"OKX Proof of Reserves — GitHub","type":"official","url":"https://github.com/okx/proof-of-reserves"},{"credibility":2,"name":"OKX Initiates Clawback after Bitcoin Futures Liquidation — CCN","type":"news_article","url":"https://www.ccn.com/okex-initiates-clawback-after-bitcoin-futures-market-unable-to-cover-420-million-liquidation/"},{"credibility":2,"name":"OKX To Exit Nigeria — CCN","type":"news_article","url":"https://www.ccn.com/news/crypto/okx-exit-nigeria-cites-unstable-regulatory/"},{"credibility":2,"name":"OKX Reports Record Growth in 2024 — DeFi Planet","type":"news_article","url":"https://defi-planet.com/2025/01/okx-reports-record-growth-in-2024-sees-991-surge-in-wallet-users-and-20-fold-rise-in-dex-trading-volume-2/"},{"credibility":2,"name":"OKX Pleads Guilty to Illegally Operating in the US — Finance Magnates","type":"news_article","url":"https://www.financemagnates.com/cryptocurrency/okx-pleads-guilty-to-illegally-operating-in-the-us-pays-505-million/"},{"credibility":2,"name":"OKX's $500 Million Penalty: Key Takeaways for AML Pros — Sanctions.io","type":"research","url":"https://www.sanctions.io/blog/okxs-500-million-penalty-key-takeaways-for-aml-pros"}],"summary":"OKX (formerly OKEx) is one of the world's largest centralized cryptocurrency exchanges by trading volume, founded in 2017 by Mingxing 'Star' Xu and operated by Aux Cayes Fintech Co. Ltd, incorporated in the Seychelles. In February 2025 its Seychelles operating entity pleaded guilty in U.S. federal court to operating an unlicensed money transmitting business for over seven years, agreeing to pay more than $504 million in fines and forfeitures. The exchange carries a moderate-to-elevated risk profile due to this criminal conviction, a pattern of AML failures across multiple jurisdictions, and historical incidents including a 42-day withdrawal freeze in 2020; it has taken substantive remediation steps including monthly proof-of-reserves publication since 2022, a MiCA license in the EU, and a US relaunch in April 2025 under new regional leadership.","timeline":[{"date":"2013-01-01","event":"Star Xu founds OKCoin, a Chinese cryptocurrency exchange, in Beijing.","source":"Wikipedia / IQ.wiki","source_url":"https://en.wikipedia.org/wiki/OKX"},{"date":"2017-01-01","event":"OKEx launched as international brand, registered outside mainland China.","source":"Wikipedia","source_url":"https://en.wikipedia.org/wiki/OKX"},{"date":"2018-04-11","event":"OKEx announces expansion to Malta, citing the island's favorable blockchain regulatory environment.","source":"Wikipedia","source_url":"https://en.wikipedia.org/wiki/OKX"},{"date":"2018-07-31","event":"A single trader's approximately $420 million BTC futures long position is force-liquidated; OKEx initiates a 17.7% socialized loss clawback on profitable traders and adds $18.5 million to its insurance fund.","source":"Fortune / CCN","source_url":"https://fortune.com/2018/08/03/okex-losses-among-counter-parties/"},{"date":"2020-10-16","event":"OKEx suspends all customer withdrawals, citing unavailability of a private key holder cooperating with Chinese police. Founder Star Xu is reported to have been detained by Chinese authorities approximately one week prior.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2020/10/16/okex-founder-star-xu-held-in-police-custody-report"},{"date":"2020-11-19","event":"OKEx announces resumption of unrestricted withdrawals after a 42-day suspension. Star Xu surfaces publicly and states he was cleared by authorities.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2020/11/20/star-xu-surfaces-from-detention-as-okexs-mystery-key-holder-also-returns"},{"date":"2021-10-01","event":"OKEx ceases mainland China operations following China's comprehensive ban on cryptocurrency trading.","source":"Wikipedia","source_url":"https://en.wikipedia.org/wiki/OKX"},{"date":"2022-01-01","event":"OKEx rebrands to OKX, dropping the 'Ex' suffix.","source":"Wikipedia","source_url":"https://en.wikipedia.org/wiki/OKX"},{"date":"2022-07-01","event":"OKX obtains a Virtual Asset license from the Dubai Virtual Asset Regulatory Authority (VARA).","source":"Wikipedia","source_url":"https://en.wikipedia.org/wiki/OKX"},{"date":"2022-11-01","event":"OKX begins publishing monthly cryptographic Proof of Reserves reports following the collapse of FTX.","source":"OKX official / Cointribune","source_url":"https://www.cointribune.com/en/okx-and-proof-of-reserves-analysis-of-a-transparency-model-that-reassures-crypto-investors/"},{"date":"2023-12-12","event":"OKX DEX aggregator is exploited; losses estimated at $370,000 by OKX and up to $2.7 million by PeckShield, attributed to a compromised proxy admin contract upgrade.","source":"CoinTelegraph","source_url":"https://cointelegraph.com/news/okx-dex-2-7-m-exploit-proxy-admin-contract-upgrade"},{"date":"2024-03-01","event":"Malta MFSA imposes EUR 304,000 penalty on OKCoin Europe for failing to comply with the Virtual Financial Assets Act.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2024/03/27/okx-quietly-settled-regulatory-failings-with-malta-financial-services-authority"},{"date":"2024-08-15","event":"OKX ceases all operations in Nigeria, citing regulatory concerns. Nigerian Naira withdrawals had been suspended in May 2024.","source":"CCN","source_url":"https://www.ccn.com/news/crypto/okx-exit-nigeria-cites-unstable-regulatory/"},{"date":"2025-01-27","event":"OKX Europe Ltd receives full MiCA authorization from the Malta MFSA, becoming among the first global exchanges to obtain the EU-wide crypto license.","source":"CCN","source_url":"https://www.ccn.com/news/crypto/okx-first-global-exchange-secure-mica-license/"},{"date":"2025-02-24","event":"Aux Cayes Fintech Co. Ltd (OKX) pleads guilty in the Southern District of New York to operating an unlicensed money transmitting business and agrees to pay $504 million in fines and forfeitures.","source":"DOJ SDNY / Axios","source_url":"https://www.axios.com/2025/02/24/okx-guilty-fine"},{"date":"2025-03-01","event":"OKX temporarily suspends its DEX aggregator service after detecting that the North Korean Lazarus Group attempted to use it to launder approximately $100 million stolen in the Bybit hack. EU regulators open a related investigation.","source":"BleepingComputer / The Block","source_url":"https://www.bleepingcomputer.com/news/security/okx-suspends-dex-aggregator-after-lazarus-hackers-try-to-launder-funds/"},{"date":"2025-04-15","event":"OKX relaunches US operations with a new San Jose, California headquarters and regional CEO Roshan Robert, offering spot exchange and Web3 wallet services to US users.","source":"Fortune","source_url":"https://fortune.com/crypto/2025/04/15/okx-relaunch-us-exchange-wallet-san-jose-california-new-ceo-roshan-robert/"},{"date":"2025-04-01","event":"Malta FIAU imposes EUR 1.1 million fine on OKCoin Europe for serious and systematic AML breaches identified in an April 2023 on-site examination.","source":"AML Square / CCN","source_url":"https://amlsquare.com/news/e1-1-million-penalty-okx-rebuked-for-aml-deficiencies-in-malta/"},{"date":"2026-03-05","event":"Intercontinental Exchange (NYSE parent) makes a roughly $200 million strategic investment in OKX at a $25 billion valuation, obtaining a board seat and two commercial data/trading partnerships.","source":"Fortune / Bloomberg","source_url":"https://fortune.com/2026/03/05/okx-ice-intercontinental-exchange-investment-tokenized-securities-25-billio/"}]},"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision 086453c1-40a9-436f-9023-9ad346fb781fcopy