The established crypto exchange OKX is quietly accelerating its push into the US market, potentially becoming the next trading platform to land on Wall Street. Recently, foreign media revealed that @okx is actively planning a US IPO. Behind this move are compliance costs of nearly $500 million and intensive regulatory arrangements. In April of this year, OKX re-entered the US market and quickly started preparing for its listing. As early as last year, OKX had elevated its US compliance team to the highest priority. To clear historical obstacles, OKX reached a settlement with the US Department of Justice in February of this year, acknowledging that early compliance deficiencies led to some US users engaging in illegal transactions. OKX agreed to pay a fine of $84.00 million and relinquish $421.00 million in historical revenue. The $500.00 million "settlement" is also seen as a key step in winning its ticket to the US market. Following the settlement, OKX's senior management structure was immediately adjusted, with a large influx of senior executives with US financial regulatory backgrounds. Former New York State Department of Financial Services Superintendent Linda Lacewell was appointed Chief Legal Officer, and former Hidden Road executive Roshan Robert took over US business expansion. OKX currently has teams in New York, San Francisco, and San Jose, with a staff of 500, and has obtained compliance licenses in 47 states and regions. In May of this year, OKX announced the official launch of its centralized exchange and wallet services in the United States, with plans to gradually expand new features and cover the national market throughout the year. OKX has clearly stated its long-term goal of building a benchmark-level crypto "super app" and steadily establishing its market position through phased and progressive compliance expansion. OKX is no stranger to the capital market. As early as 2019, the parent company achieved a backdoor listing through the acquisition of Hong Kong stock Forward Holdings, completing its initial capitalization layout. At that time, the valuation was only about $200.00 million, but now its market value is no longer the same. The shareholder lineup behind it also has a strong Chinese capital flavor, including well-known investors such as the Shi Yuzhu family, Ceyuan Ventures, Yintai Group, and Meitu Cai Wensheng. However, OKX's US listing still faces many challenges. The US SEC has always been sensitive to the definition of platform coins, and OKX may need to spin off businesses related to the OKB token to meet compliance requirements. In addition, legislative progress such as the CLARITY Act will profoundly affect the capitalization path of crypto trading platforms in the United States. If this bill can be implemented, it may provide OKX and other platforms with a clearer legal registration framework and valuation expectations. With exchanges such as Coinbase and Kraken accelerating their IPO layouts, OKX's US expansion has also become an important indicator of the crypto industry's compliance process. If it can successfully cross the regulatory red line, OKX may gain a first-mover advantage in the next round of crypto capital competition.