Crypto exchange OKX has launched a new account protection scheme in the United States, offering customers compensation of up to $100,000 if their accounts are compromised and as much as $500,000 for VIP customers.
The company said OKX Shield would be available without a subscription or activation fee. Former New York Governor Andrew Cuomo, now a director on the OKX board, said the initiative demonstrated the firm’s confidence in its systems at a time when financial markets are changing rapidly.
“As financial markets change and disrupt, trust needs to be built,” Cuomo said during a call with reporters.
He added: “Why should you trust OKX? Because OKX trusts OKX’s system, and they’re putting their money right next to your money, which is the ultimate evidence of trust and confidence.”
The US launch follows the introduction of OKX Shield in Europe last month, where the scheme operates under similar terms.
The move comes as concerns about cryptocurrency scams continue to grow. On Monday, California Attorney General Rob Bonta pointed to $11.4 billion lost to crypto scams in 2025 and urged residents to remain alert to artificial intelligence-related fraud and rug pulls.
Cuomo said OKX’s willingness to provide financial protection was intended to underline its belief in the security of its platform.
“That’s the level of trust we have in our system. Talk about putting your money where your mouth is, right?” he said. “That’s what we’re doing here.”
OKX has also been expanding its ambitions beyond its traditional identity as a cryptocurrency business. Cuomo joined the company’s board of directors in July.
The month before, OKX and Intercontinental Exchange, the parent company of the New York Stock Exchange, formed a 50-50 joint venture. Cuomo was appointed co-chair of the venture, which is intended to develop “next-generation infrastructure” for tokenized and digitally native financial products.
Cuomo said OKX was moving towards becoming a broader financial technology business rather than remaining solely associated with cryptocurrency.
“OKX is transitioning from a crypto company to a ‘leading global financial technology company,’” he said.
He also argued that the distinction between conventional financial institutions and the cryptocurrency sector was becoming less meaningful.
“This difference between traditional finance and the quote-unquote crypto industry that has dissolved, if it ever existed, and we’ll get to a point where there is no differentiation,” Cuomo said.
