OKX Slammed with $500M Fine for Ignoring AML Rules and Aiding Suspicious Transactions

OKX Crypto Exchange Faces $500 Million Fine for AML Violations

OKX, one of the largest cryptocurrency exchanges globally, has been fined over $504 million for violating anti-money laundering (AML) laws, according to PYMNTS.com. The U.S. Department of Justice revealed that OKX facilitated over $5 billion in suspicious transactions and criminal proceeds. Despite implementing know-your-customer (KYC) policies, employees reportedly advised users on how to bypass these measures. Acting U.S. Attorney Matthew Podolsky stated that OKX knowingly avoided implementing required policies for over seven years. The company attributed these issues to "legacy compliance gaps" and claimed that affected users no longer trade on the platform. For more details, visit PYMNTS.com.

BitMEX Seeks Buyer Amid $100 Million Fine

BitMEX, a prominent cryptocurrency exchange, is actively seeking a buyer following a $100 million fine for violating the Bank Secrecy Act, as reported by The Block. The exchange has enlisted Broadhaven Capital Partners to facilitate the sale. BitMEX, co-founded in 2014, has seen a significant decline in monthly futures volumes, dropping from over $100 billion in 2021 to between $25 billion and $30 billion recently. The search for a buyer comes as the exchange faces increased scrutiny and competition in the crypto market. For further insights, refer to The Block.

FBI Accuses North Korean Hackers of $1.5 Billion Crypto Theft

The FBI has accused North Korean-backed hackers of stealing $1.5 billion in cryptocurrency from Bybit, a Dubai-based exchange, according to The Associated Press. The hackers, identified as the Lazarus Group and TraderTraitor, used malware to facilitate the theft. The stolen assets are reportedly being laundered and converted into fiat currency. Bybit acknowledged the breach, describing it as a sophisticated attack targeting cold wallets. The incident has raised concerns about regulatory scrutiny and the security of crypto exchanges. For more information, see The Associated Press.

SEC Dismisses Lawsuit Against Coinbase

The U.S. Securities and Exchange Commission (SEC) has filed to dismiss its lawsuit against Coinbase, marking a significant development in the crypto industry, as reported by Reuters. The lawsuit, initiated in 2023, accused Coinbase of offering unregistered securities. Coinbase argued that crypto assets do not qualify as investment contracts. This dismissal follows a similar pause in the SEC's case against Binance, signaling a potential shift in regulatory approaches. For additional details, visit Reuters.

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