Big news in the world of cryptocurrency! A company that works with OKX, a cryptocurrency exchange, got in trouble for breaking rules about money laundering. Money laundering is like hiding money from the government so they don't know where it came from. This is very illegal!
- OKX's partner, Aux Cayes, had to pay a huge fine – over $500 million!
- They didn't follow rules about knowing who their customers are (KYC).
- Aux Cayes let people from the US use their service, even though they weren't supposed to.
- This went on for seven years!
| Problem | Number |
|---|---|
| Fine paid | $500 million |
| Years of non-compliance | 7 |
| Suspicious transactions | Over $5 billion |
This shows how important it is for cryptocurrency companies to follow the rules and be safe. Bitcoin and other cryptocurrencies weren't directly involved, but this shows how important it is for all crypto companies to follow rules.
