{"id":20426,"date":"2025-04-03T13:31:47","date_gmt":"2025-04-03T13:31:47","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=20426"},"modified":"2025-04-03T13:31:47","modified_gmt":"2025-04-03T13:31:47","slug":"okx-crypto-exchange-hires-former-ny-governor-andrew-cuomo-amid-505m-federal-settlement","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=20426","title":{"rendered":"OKX Crypto Exchange Hires Former NY Governor Andrew Cuomo Amid $505M Federal Settlement"},"content":{"rendered":"<div>\n<p><span data-preserver-spaces=\"true\">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 <\/span><a class=\"general-link\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-04-02\/cuomo-advised-crypto-exchange-okx-on-its-response-to-us-probe?srnd=homepage-americas\" target=\"_blank\" rel=\"nofollow noopener nofollow\"><span data-preserver-spaces=\"true\">report published on April 2<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Cuomo, a licensed New York attorney, reportedly began advising OKX following his resignation from the governorship in August 2021. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He worked closely with company executives, providing counsel on <\/span><span data-preserver-spaces=\"true\">how to navigate<\/span><span data-preserver-spaces=\"true\"> 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.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">DISCOVER:\u00a0<\/span><a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/best-meme-coin-icos\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Best Meme Coin ICOs to Invest in March 2025<\/span><\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">OKX Agrees to $505M Settlement Over Unlicensed Operations<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">On February 24, the Seychelles-based exchange agreed to pay $84 million in civil penalties and forfeit $421 million in fees <\/span><span data-preserver-spaces=\"true\">largely earned<\/span><span data-preserver-spaces=\"true\"> from institutional clients.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The U.S. Department of Justice stated that these violations <\/span><span data-preserver-spaces=\"true\">took place<\/span><span data-preserver-spaces=\"true\"> between 2018 and 2024, despite the <\/span><span data-preserver-spaces=\"true\">platform\u2019s<\/span><span data-preserver-spaces=\"true\"> official policy since 2017 barring U.S. users from transacting on its exchange.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Cuomo\u2019s<\/span><span data-preserver-spaces=\"true\"> spokesperson, Rich Azzopardi, confirmed that <\/span><span data-preserver-spaces=\"true\">Cuomo<\/span><span data-preserver-spaces=\"true\"> has been providing private legal services to corporations and individuals since leaving <\/span><span data-preserver-spaces=\"true\">office<\/span><span data-preserver-spaces=\"true\">,<\/span><span data-preserver-spaces=\"true\"> but<\/span><span data-preserver-spaces=\"true\"> emphasized that he has not represented any clients before New York state or city agencies.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Azzopardi also noted that Cuomo frequently recommends former colleagues for corporate roles.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While OKX declined to comment on its relationship with Cuomo, Bloomberg reported that the former governor had also influenced leadership decisions at the company. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Notably, Cuomo advised OKX to appoint longtime associate and former U.S. Attorney Linda Lacewell to the board.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Lacewell, who previously served as superintendent of the New York Department of Financial Services, joined the board in 2024 and was named <\/span><span data-preserver-spaces=\"true\">OKX\u2019s<\/span><span data-preserver-spaces=\"true\"> chief legal officer on April 1.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In response to the settlement,<\/span><span data-preserver-spaces=\"true\"> OKX has committed to strengthening its compliance framework.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The company announced plans to hire a compliance consultant to help address regulatory concerns raised by the investigation.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cO<\/span><span data-preserver-spaces=\"true\">ur vision is to make OKX the gold standard of global compliance at scale across different markets and their respective regulatory bodies,<\/span><span data-preserver-spaces=\"true\">\u201d <\/span><span data-preserver-spaces=\"true\">said OKX CEO Star Xu in a post on X dated February 24.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We will continue to mature our compliance operations and continue to work closely with global regulators. Our vision is to make OKX the gold standard of global compliance at scale across different markets and their respective regulatory bodies. I am proud of our company. <a href=\"https:\/\/t.co\/kZEyuzL9K5\" target=\"_blank\" rel=\"nofollow\">https:\/\/t.co\/kZEyuzL9K5<\/a><\/p>\n<p>\u2014 Star (@star_okx) <a href=\"https:\/\/twitter.com\/star_okx\/status\/1894135538740858995?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">February 24, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/best-ai-crypto-coins\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">10 Best AI Crypto Coins to Invest in 2025<\/span><\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">OKX Suspends DeFi Services Amid Media Scrutiny and EU Regulatory Pressure<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Last month, OKX temporarily<\/span><a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/news\/okx-suspends-defi-service-following-media-attacks-and-eu-regulatory-scrutiny\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"> suspended its decentralized finance (DeFi) services<\/span><\/a><span data-preserver-spaces=\"true\">, citing intensified media scrutiny and a coordinated attack allegedly involving the North Korean Lazarus Group. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The company stated that while it typically <\/span><span data-preserver-spaces=\"true\">remains focused<\/span><span data-preserver-spaces=\"true\"> on innovation, it could not ignore the timing of these accusations, especially as it steps up efforts to combat financial crime. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The move came after increasing competitive pressure and regulatory attention, particularly from the European Union.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">OKX\u2019s<\/span><span data-preserver-spaces=\"true\"> decision comes as EU regulators investigate the platform over claims of laundering $100 million from the February 2025 Bybit hack. The probe threatens the <\/span><span data-preserver-spaces=\"true\">exchange\u2019s<\/span><span data-preserver-spaces=\"true\"> MiCA license, <\/span><span data-preserver-spaces=\"true\">which is<\/span><span data-preserver-spaces=\"true\"> essential for operating in Europe under the new crypto regulatory framework. <\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/new-cryptocurrency\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Best New Cryptocurrencies to Invest in 2025<\/span><\/a><\/strong><\/p>\n<div class=\"nnbtc-key-takeaways\">\n<h3 class=\"nnbtc-key-takeaways__title\">Key Takeaways<\/h3>\n<ul class=\"nnbtc-key-takeaways__list\">\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <span data-preserver-spaces=\"true\">OKX crypto exchange hired former New York Governor Andrew Cuomo as a legal advisor during its $505 million U.S. settlement.<\/span>    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <span data-preserver-spaces=\"true\">Cuomo influenced internal decisions, including the appointment of <\/span><span data-preserver-spaces=\"true\">OKX\u2019s<\/span><span data-preserver-spaces=\"true\"> new chief legal officer.<\/span>    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <span data-preserver-spaces=\"true\">OKX faces <\/span><span data-preserver-spaces=\"true\">mounting<\/span><span data-preserver-spaces=\"true\"> regulatory pressure in the U.S. and EU, prompting compliance upgrades and service suspensions.<\/span>    <\/li>\n<\/ul><\/div>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/okx-crypto-exchange-hires-former-ny-governor-andrew-cuomo-amid-505m-federal-settlement\/\">OKX Crypto Exchange Hires Former NY Governor Andrew Cuomo Amid $505M Federal Settlement<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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 published on April 2. Cuomo, a licensed New York attorney, reportedly began advising OKX following his resignation from the governorship in August 2021. He worked closely [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-20426","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/20426","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20426"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/20426\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}