Aux Cayes — OKX's subsidiary — paid $504M to DOJ in February 2025 for AML failures and unlicensed money transmitting, and now OKX is selling MiCA custody as the trust upgrade. Harder question MiCA's full rollout creates: Tether refused to comply with stablecoin reserve rules, so EU exchanges chasing CASP status delisted USDT, kneecapping liquidity and routing flow into USDC and EURC. Title V asset segregation is a genuine post-FTX upgrade, but enforcement still falls to the same national competent authorities that missed Celsius EU and Vauld.

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