Jessy, Jinse Finance
According to the information disclosed by reporter Yueqi Yang on June 23rd, crypto exchange OKX is considering an initial public offering (IPO) in the United States after returning to the US market in April this year.
OKX initially provided services to US users through its affiliate Aux Cayes FinTech while also using OKCoin USA to seek compliance in the US. In 2024, it was jointly pursued by the US Department of Justice and CFTC, ultimately reaching a settlement in early 2025 by paying over $500 million in fines, acknowledging violations and exiting illegal operations. Subsequently, OKX restructured, registered as a legal MSB in the US, established a California headquarters, launched a compliant spot trading platform and Web3 wallet, emphasizing KYC, AML, and other compliance system constructions, which may mark its formal return to the US market with a compliant posture, opening a new phase.
Currently, there is no definitive information proving that OKX has initiated the US IPO process, but with Circle and TRON successively going public in the US, this suggests that this year will undoubtedly be a significant year for crypto companies' US IPOs.
The US is gradually guiding crypto development towards a path with high regulatory thresholds and standardization. For top exchanges or public chains in the industry, they have the capability to develop in the US, and actively seizing this policy window can help these institutions quickly rise in the mainstream financial world.
OKX's US Development History
Starting from 2017, OKX (formerly OKEX) operated globally through a company called Aux Cayes FinTech Co. Ltd., also serving US users. However, this operation did not obtain MSB registration from FinCEN and did not apply for corresponding licenses in various states, constituting a gray area operation. At that time, US users typically used the platform through VPN or bypassing KYC, which was quite common then.
In 2023, US regulation began a series of crackdowns on the crypto industry. That year, the US SEC sued Binance, Coinbase, Justin Sun, and his companies. The US CFTC and Department of Justice began investigating Aux Cayes in 2023 and confirmed in early 2024 that it provided commodity trading services to US users without registration. Core allegations included not registering as a Futures Commission Merchant (FCM), providing leverage and margin trading to US clients, and failing to fulfill anti-money laundering obligations.
On the other hand, from 2017, another OKX sub-brand OKCoin's US entity, OKcoin USA, was positioned from the beginning to target the US market and develop compliantly. It obtained relevant permits and registrations, to some extent meeting US regulatory requirements. For example, it submitted an MSB registration to FinCEN in November 2017 and officially announced its entry into the US digital asset market in July 2018.
In 2023, OKXCoin was accused by the FDIC of falsely advertising dollar deposit FDIC insurance, after which OKCoin removed related content and updated service terms. The same year, OKCoin announced the start of a global rebranding process, planning to unify the brand as OKX.
In early 2025, OKX reached a settlement of around $500 million with the US Department of Justice, acknowledging Aux Cayes FinTech's violations. OKX also promised to permanently exit illegal services and rectify its business structure and compliance mechanism.
In 2025, OKX made a compliant restart in the US, establishing the US subsidiary OKX.US, registering as a Money Services Business (MSB), and launching legal operations according to federal and state compliance requirements. The US headquarters was set in San Jose, California, with Roshan Robert appointed as OKX US CEO. On April 15, 2025, the OKX US CEO officially announced the launch of OKX centralized crypto exchange and OKX Web3 wallet in the US, with existing OKCoin customers seamlessly migrating to the OKX platform.
In terms of compliance measures, it added KYC verification processes, implemented geographical blocking, and launched automated anti-money laundering and counter-terrorism financing review systems. It continues to seek compliance in licensing, actively engaging with FinCEN, CFTC, and SEC. These actions signify OKX's pursuit of long-term compliant development in the US.
Exchanges Clustering for IPO
IPO in the US requires meeting a series of strict regulatory requirements and disclosure standards.
Comparing with Coinbase's US development, such as holding money transfer licenses in multiple states and a virtual currency license in New York, OKX also needs to apply for relevant MSB licenses and other potential virtual currency-related licenses in US states to ensure business operations within a legal and compliant framework.
Strict KYC and AML are definitely mandatory. Similarly, it needs to establish strict data security policies and measures to protect users' personal information and transaction data. It must also disclose information accurately, completely, and timely according to SEC requirements, including financial reports, business progress, risk factors, and significant matters. Additionally, it must isolate US users' funds and data from global operations to ensure US users' asset safety and regulatory compliance.
All these require substantial technical and operational costs, a continuous and multi-faceted expenditure far beyond the $500 million settlement with the US.
If OKX successfully completes its US IPO, it will demonstrate to global investors its high level of compliant operations, corporate governance, and financial transparency, helping to enhance its brand image and reputation.
On the other hand, the US, as one of the world's largest crypto markets, has a massive user base and trading demand. OKX's entry will undoubtedly intensify market competition. Not only is OKX planning a US IPO, but reportedly, multiple exchanges are pushing for US IPOs.
According to media reports, crypto exchange Gemini has secretly submitted a draft S-1 registration statement to the US Securities and Exchange Commission. Bloomberg, citing anonymous sources, reported that Kraken is preparing to go public in the first quarter of 2026, following the SEC's agreement to withdraw its lawsuit. Similarly, sources revealed that Bullish Global, a crypto asset trading platform supported by billionaire Peter Thiel, is considering a US IPO and collaborating with investment bank Jefferies. Blockchain.com has also conducted high-profile recruitment to accelerate its IPO plans.
These are signs of the crypto industry's gradual maturation and indicate that as the crypto industry develops, regulatory agencies worldwide are strengthening oversight in this field. Exchanges must strictly comply with regulations in user identity verification, anti-money laundering, counter-terrorism financing, and fund safety, or face legal risks and market elimination. Compliance costs are high, and the crypto exchange track will ultimately become a playground for giants, with the market eventually dominated by a few large exchanges.
