Cryptocurrency exchange OKX has pleaded guilty in federal court to operating as an unlicensed money transmitting business, agreeing to pay over $504 million in penalties. The exchange was found to have processed more than $1 trillion in transactions for U.S. customers without the necessary licenses, and U.S. authorities cited its involvement in facilitating over $5 billion in suspicious transactions. In a statement, OKX noted that the U.S. customers involved represented a small percentage of its global clientele. This settlement follows a broader trend of increased regulatory scrutiny on cryptocurrency exchanges, with OKX's fine coming after Binance faced a $4 billion penalty last year. The company aims to enhance its compliance measures moving forward, seeking to establish a regulatory 'gold standard' in the industry.