Texas Fines Two Crypto Firms for Unlicensed Stablecoin Transmission

In September 2026, the Texas Banking Commissioner issued consent orders against two cryptocurrency firms, OKX and Triple A Technologies, for operating without the required money transmission licenses under Texas law. The Commissioner found that both companies had engaged in the receipt and transmission of stablecoins without proper authorization.

On Sept. 11, OKX was penalized $95,000 for conducting money transmission activities in Texas between 2018 and 2024. The company, which operates a cryptocurrency trading platform, received sovereign currency and stablecoins from Texas customers and provided custody services. OKX claimed its activities in Texas were inadvertent but did not admit to any violations.

On Sept. 23, Triple A Technologies was fined $20,000 for processing payments that allowed its merchant partners to accept and send stablecoins and other non-convertible cryptocurrencies. The Commissioner determined that Triple A had violated both former and current Texas laws governing money transmission.

Both companies resolved the matters with the Texas Department of Banking without admitting or denying the allegations. They agreed to cease unlicensed money transmission activities in Texas but were not barred from applying for licenses in the future.