The operator of the OKX cryptocurrency exchange pleaded guilty on Monday to violating U.S. anti-money laundering laws and will pay nearly $505 million in fines and forfeited fees, the U.S. Department of Justice said.

Cryptocurrency exchange OKX pled guilty in federal court to failing to prevent criminals from using its services, agreeing to pay $504 million in penalties. Why it matters: It's a sign that, despite a friendlier stance toward the crypto industry from the new administration,

One of the world’s largest cryptocurrency exchanges, OKX, has admitted to breaking U.S. laws designed to prevent financial crimes. The company pleaded guilty to operating without a proper license and failing to follow anti-money laundering (AML) rules.

Cryptocurrency exchange OKX's Aux Cayes FinTech Co. Ltd affiliate has admitted to processing over $1 trillion in transactions for US customers without a license.