OKX Prepares for Potential U.S. IPO Following Regulatory Comeback

OKX, one of the world’s largest cryptocurrency exchanges by trading volume, is reportedly preparing to go public in the United States – just months after making its return to the U.S. market. While the company has yet to issue a formal announcement, multiple reports suggest that the exchange is actively exploring an initial public offering (IPO), which could make it one of the first major Asia-founded crypto platforms to list in U.S. capital markets.

The news comes on the heels of OKX’s significant legal settlement with the U.S. Department of Justice (DOJ), finalized earlier this year. The $505 million settlement concluded a lengthy investigation into OKX’s alleged violations of U.S. money transmission laws, marking a pivotal turning point for the company’s North American ambitions.

Re-Entry into the U.S. Market

OKX formally re-entered the U.S. market on April 15, 2025, after resolving the DOJ investigation, which alleged that the exchange had offered crypto services to U.S. customers without proper licensing between 2018 and early 2024. The platform had enforced a policy to exclude U.S. users as far back as 2017, but investigators found that access controls had not been fully effective.

Following the settlement, OKX launched its new U.S. headquarters in San Jose, California, signaling a renewed commitment to compliance and market expansion. Roshan Robert, the newly appointed CEO of OKX U.S., framed the relaunch as part of a broader mission to expand access to digital assets “in a secure, transparent, and compliant way.”

IPO Discussions Spark Industry Attention

According to statements made by OKX’s Chief Marketing Officer Haider Rafique, the company is seriously considering a public offering in the United States. “We would absolutely consider an IPO in the future,” Rafique said in an interview, adding that if it happened, the U.S. would be the most likely venue.

This move would place OKX among a growing list of crypto firms pursuing traditional public listings, following the recent success of Circle—the issuer of USDC—which debuted on the New York Stock Exchange in early June. Circle raised approximately $1.1 billion in its IPO, and its stock price nearly quadrupled in its first few days of trading. OKX’s U.S. team was quick to praise the listing, calling it a “major milestone” for the sector and a sign that crypto firms can “operate transparently and compliantly in U.S. markets.”

Should OKX proceed with an IPO, it would join a new wave of high-profile crypto firms eyeing public listings. Gemini, the exchange founded by the Winklevoss twins, has already submitted a confidential filing for an IPO and is awaiting regulatory approval from Malta, which it selected as its new headquarters in January 2025.

Other firms, including Bullish (backed by billionaire Peter Thiel) and institutional trading platform FalconX, are also reportedly in advanced stages of IPO planning. The sector’s renewed appetite for going public reflects both improved regulatory clarity and a shift toward mainstream financial integration following the passage of the U.S. GENIUS Act, which provides comprehensive guidance on stablecoins and digital assets.

European Expansion in Parallel

While preparing for a potential U.S. listing, OKX has also expanded aggressively in Europe. The exchange recently launched fully licensed platforms in Germany and Poland, adding to a growing roster of European licenses that includes registrations in France and the Netherlands. This regulatory blitz positions OKX as a serious player in the global compliance landscape—an important factor for investors evaluating IPO-bound crypto companies.

By securing licenses across multiple jurisdictions, OKX has created a regulatory foundation that could appeal to institutional investors, especially those wary of exchanges operating in legal gray zones. The dual strategy of U.S. re-entry and European licensing reflects OKX’s efforts to rebuild trust and establish a globally regulated footprint.

From Compliance Failure to Public Market Aspirant

The transformation of OKX from a non-compliant operator under DOJ scrutiny to a serious IPO contender is striking. The $505 million settlement earlier this year was among the largest of its kind and included both fines and disgorgement of profits. It underscored the risks associated with operating outside regulatory frameworks, but it also paved the way for OKX’s strategic pivot.

Following the settlement, the company emphasized its commitment to regulatory alignment and transparency, stating that it would “prioritize innovation with compliance” going forward. A month later, however, the exchange experienced technical issues with its decentralized exchange (DEX) aggregator, leading to a temporary suspension of some services—a reminder that operational resilience remains under close scrutiny as the company moves closer to public markets.

Crypto Companies With IPO In The US

Company	Ticker	Method	Date	Notes
Coinbase Global, Inc.	COIN	Direct listing	Apr 14, 2021	First major crypto exchange public in U.S.
Circle Internet Group, Inc.	CRCL	IPO	Jun 5, 2025	USDC issuer, ~$624 M raised; strong debut gains
Galaxy Digital	GLXY	IPO	Jun 2025	Crypto banking/investment firm
eToro Group Ltd.	ETOR	IPO	May 14, 2025	Multi-asset with crypto offering
Canaan Inc.	CAN	IPO	Nov 2019	Bitcoin mining hardware
Silvergate Bank	SI	IPO	Nov 2019	Crypto-focused U.S. bank
Tron, Inc. (via SRM)	—	Reverse merger	Announced Jun 16, 2025	Will relist as Tron, Inc.
Gemini	—	Filed S-1	Filed Jun 2025	Under review, coming soon
Kraken, Bullish, BitGo, Consensys	—	Potential in pipeline	—	Exploring filings