The U.S. Department of Justice said it has reached a settlement with Aux Cayes FinTech Co. Ltd., an affiliate of crypto exchange OKX, under which the company will pay over $500 million, including $84 million in penalties and approximately $421 million in forfeited fees earned from U.S. customers.

The investigation involved not securing the proper license to do business as a money transmitter, according to a statement released on Monday by OKX. The exchange also said that the U.S. customers involved are no longer on the platform and that there were no customer harm-related allegations. 

According to the statement, the exchange also agreed to forfeit fees earned by the U.S. customers, which amount to about $421 million. 

"In recognition of these gaps, the Company, on its own initiative, voluntarily retained a compliance consultant to help remedy the issues and enhance its overall compliance program, and plans to continue with this consultant into the future," the firm said. 

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