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Recently, veteran crypto exchange OKX has reportedly been actively preparing for a U.S. listing, drawing market attention. From its early capital maneuvers via a backdoor listing in Hong Kong to its current pivot toward U.S. markets, this move marks not only a milestone for OKX but also reflects the broader normalization of the crypto industry.
As global regulatory frameworks gradually clarify and market enthusiasm for crypto-related stocks surges, the industry is witnessing a new wave of capital market activity, with exchanges leading the charge. OKX, a long-standing player, is now rumored to be gearing up for a U.S. IPO, signaling intensified competition in the sector.
$500 Million Settlement Secures US Market "Entry Ticket"
On June 23, The Information’s crypto reporter Yueqi Yang revealed that OKX, after re-entering the U.S. market in April, is considering an IPO stateside.
In fact, as early as March last year, Wu Blockchain reported that OKX had internally elevated its U.S. compliance division to top priority across all departments. Founder Star has frequently traveled to the U.S., underscoring the strategic shift.
Over recent months, OKX has made a flurry of compliance-focused moves to pave its way into the U.S. market. In late February, its subsidiary Aux Cayes FinTech Co. Ltd. settled with the U.S. Department of Justice, acknowledging historical compliance lapses that allowed a small number of U.S. clients to trade on its global platform. The settlement included an $84 million fine and the forfeiture of approximately $421 million in revenue from U.S. users, largely from institutional clients.
This near-$500 million price tag effectively bought OKX’s re-entry into the U.S. market. Post-settlement, the exchange overhauled its leadership, particularly in legal and compliance. Departures included former Chief Legal Officer Mauricio Beugelmans and Compliance Head Vanessa Zhang, reportedly linked to the settlement. More critically, OKX recruited seasoned U.S. regulatory and traditional finance veterans, such as ex-New York DFS superintendent Linda Lacewell as Chief Legal Officer and Jonathan Brockmeier, architect of Thunes’ Americas compliance framework, as Chief Compliance Officer.
Simultaneously, OKX has aggressively expanded its U.S. footprint. Since September, OKX US has established teams in New York, San Francisco, and San Jose (its HQ), employing around 500 staff and securing licenses in 47 states, plus territories like D.C. and Puerto Rico.
In May, OKX officially launched its centralized exchange (CEX) and wallet in the U.S., alongside a regional HQ in San Jose. Existing OKCoin users are being migrated seamlessly, with phased onboarding of new clients ahead of a nationwide rollout later this year. Roshan Robert, a former Barclays and Hidden Road executive, leads the expansion, aiming to establish OKX’s dominance in spot trading while introducing payments and derivatives services. “Our long-term vision is to become a benchmark ‘super app,’” Robert noted.
Early Backdoor Listing in Hong Kong, US Expansion Faces Compliance Hurdles
“The U.S. isn’t a no-go zone for crypto firms. Done right, it’s a land of untapped opportunity,” Robert remarked.
For years, crypto firms viewed the U.S. as a regulatory minefield. However, under the Trump administration’s pro-innovation stance, agencies have shifted from outright bans to compliance-driven frameworks. Coinbase’s Nasdaq debut set a precedent, with OKX, Kraken, and others now racing to follow.
For OKX, this marks a strategic reboot. In 2019, amid China’s crypto crackdown, OKX’s predecessor OKCoin executed a backdoor listing via Hong Kong’s前进控股 (now 欧科云链), with CEO Star acquiring a 60.49% stake for HK$483 million. Notably, early investor Giant Network (founded by Shi Yuzhu) sold its 14% stake to Kalyana Global Limited, controlled by Shi’s daughter Shi Jing, valuing OKX at ~$200 million.
OKX’s shareholder base reflects prominent Chinese investors, including Shi Jing, venture capitalist Feng Bo, and Meitu founder Cai Wensheng. Yet, U.S. hurdles remain: the SEC’s “unregistered securities” stance on exchange tokens like OKB may force a restructuring. Meanwhile, the stalled CLARITY Act, if passed, could provide clearer compliance pathways.
Ultimately, OKX’s U.S. ambitions represent not just a regulatory gambit but a bid to redefine its valuation and identity—contingent on clearing compliance barriers and winning market trust.
