OKX Strengthens Legal Team with Andrew Cuomo Amid Major Federal Settlement

In a significant move to bolster its legal defenses, cryptocurrency exchange OKX has hired former New York Governor Andrew Cuomo as a legal advisor. This comes as the company navigates a major $505 million federal settlement with U.S. authorities. Here’s a closer look at this development and its implications for OKX and the broader crypto industry.

OKX Hires Former NY Governor Andrew Cuomo as Legal Advisor Amid $505M Federal Settlement

Crypto exchange OKX has enlisted former New York Governor Andrew Cuomo as a legal advisor amid its $505 million federal settlement with U.S. authorities. According to a Bloomberg report, Cuomo, a licensed New York attorney, began advising OKX after resigning from the governorship in August 2021. He worked closely with company executives, providing counsel on how to navigate the federal investigation that culminated in OKX pleading guilty to operating an unlicensed money-transmitting business in violation of U.S. anti-money laundering laws. On February 24, the Seychelles-based exchange agreed to pay $84 million in civil penalties and forfeit $421 million in fees earned from institutional clients.

OKX Fined $1.2M by Malta for Breaching Money Laundering Rules

OKX’s Europe company, also known as OKCoin Europe, a subsidiary of crypto exchange OKX, was fined 1.05 million euros ($1.2 million) by Malta’s financial watchdog for breaching the country’s money laundering rules. The Financial Intelligence Analysis Unit (FIAU) stated that the company failed to assess money laundering and terrorism financing risks associated with its products and violated relevant regulations. OKX responded by saying that regulatory compliance is a top priority and that it had addressed gaps in its compliance framework following a 2023 review.