Texas Regulator Fines Two Crypto Firms for Unlicensed Stablecoin Operations
In September 2026, the Texas Banking Commissioner issued consent orders against two cryptocurrency firms for operating without a required money transmission license. On September 11, OKX, Inc. (formerly OkCoin USA, Inc.) was fined $95,000 for receiving and transmitting stablecoins and providing custody services to Texas customers without proper licensing. The company had been active in Texas from 2018 to 2024, asserting its activity was inadvertent.
On September 23, Triple A Technologies Pte Ltd. faced a $20,000 penalty for processing payments that allowed merchants to accept and send stablecoins and other cryptocurrencies. Both firms resolved the matters without admitting or denying the allegations. The Commissioner’s findings were based on both the former and current Texas laws, which prohibit unlicensed money transmission activities.
The consent orders required both companies to cease unlicensed operations in Texas until properly licensed. OKX’s pending license application was noted, but no license had been granted at the time of the order. Triple A’s subsidiary had also submitted a license application, which was accepted for filing in October 2025.
The cases highlight how Texas regulators focus on actual fund flows rather than companies’ self-descriptions of their operations. The penalties took into account the seriousness of the violations, compliance history, and good-faith efforts to comply with state regulations.