OKX opens headquarters in San Jose after $500 million DOJ settlement

- OKX establishes its headquarters in San Jose and formalizes its entry into the U.S. market - Former Barclays executive Roshan Robert appointed as U.S. CEO [Unblock Media] Seychelles-based cryptocurrency exchange OKX has officially entered the U.S. market, establishing its U.S. headquarters in San Jose, California. This entry includes the launch of a centralized trading platform and a multi-chain Web3 wallet, marking a strategic expansion of CeFi and Web3 services for American users. This launch follows a $500 million settlement with the U.S. Department of Justice to address historical anti-money laundering compliance issues. This resolution has paved the way for regulatory approval, marking a significant milestone for OKX as it aims to secure legitimacy in the world's largest financial market. OKX has appointed Roshan Robert, a former executive of Barclays and Hidden Road, as the CEO of its U.S. operations. At Barclays, Robert led key digital transformation initiatives and enterprise risk projects, and in a senior leadership role at Hidden Road, which was recently acquired by Ripple for $1.25 billion. As part of this expansion, OKX has begun transitioning OKCoin users to the new platform in phases. OKCoin, a sister exchange to OKX, has been operating in the U.S. since 2017. A similar migration took place in Singapore in 2023, during which OKCoin users were guided to transition to the OKX ecosystem. This transition included improvements in user interface and user experience (UI/UX), with a redesigned interface and expanded DeFi accessibility leading to high user retention rates, according to internal reports. The newly launched multi-chain Web3 wallet supports assets and dApps from Ethereum, Solana, Polygon, and other major networks. OKX aims to position this wallet as a seamless bridge between centralized finance and Web3 applications, offering non-custodial control and native multi-chain swaps. Industry observers expect OKX's entry into the U.S. to foster greater competition and liquidity in a cryptocurrency market dominated by Coinbase and Kraken amid increasing regulatory scrutiny. Establishing its headquarters in San Jose indicates OKX's intention to leverage Silicon Valley's tech talent and infrastructure to drive future product development. As regulatory clarity on digital assets continues to evolve in the U.S., how OKX balances compliance and innovation will be crucial for its long-term success.