OKX fined $504 million for money laundering violations

Cryptocurrency firm OKX has been fined $504 million (approximately R$ 2.5 billion) in the United States for violations related to anti-money laundering regulations. A New York court indicated that the platform facilitated more than $5 billion in suspicious transactions and funds linked to criminal activities.

In addition to the U.S. penalty, OKX’s European subsidiary was sanctioned in Malta for violating rules regarding the prevention of money laundering and terrorism financing.

The legal issues involve a commercial partner of Manchester City, which has maintained a sponsorship agreement with the club since 2022. The brand currently appears on the sleeves of both the men’s and women’s team uniforms. Manchester City stated that it maintains a long-term partnership with the company and conducts appropriate due diligence procedures. OKX has not commented on the allegations.