Source: Cointelegraph Original: "{title}"
According to reports, cryptocurrency exchange OKX has hired former New York Governor Andrew Cuomo to provide advice regarding a federal investigation that led the company to plead guilty to multiple violations and agree to pay $505 million in fines and restitution.
According to a Bloomberg report on April 2, citing informed sources, Cuomo, a lawyer registered in New York, began providing legal consulting related to the investigation for OKX after resigning as governor in August 2021.
“He communicates regularly with company executives and advises them on how to respond to the criminal investigation,” Bloomberg reported.
The Seychelles-based company admitted on February 24 to operating an unlicensed money transfer business, violating U.S. anti-money laundering laws. OKX agreed to pay an $84 million fine and forfeited $421 million in fees earned from major institutional clients.
The U.S. Department of Justice noted that these violations occurred between 2018 and 2024, despite OKX having an official policy since 2017 prohibiting U.S. users from trading on its exchange.
Cuomo's spokesperson, Rich Azzopardi, told Bloomberg that since resigning as governor, Cuomo has been providing private legal services, handling various matters for individuals and companies.
“He has not represented clients before any agency in New York City or the state and often recommends former colleagues for positions,” Azzopardi added.
Reports indicate that OKX declined to comment on its relationship with external agencies.
Bloomberg reported that Cuomo, who is running for mayor of New York City, also suggested that OKX appoint his friend, U.S. Attorney Linda Lacewell, to its board.
Lacewell was formerly the head of the New York Department of Financial Services (NYDFS). According to a recent company statement from OKX, she was added to the board in 2024 and appointed as OKX's new Chief Legal Officer on April 1.
Source: Linda Lacewell
After the investigation concluded, OKX stated that it would hire a compliance consultant to address the issues raised by the federal investigation and strengthen its regulatory compliance program.
“Our vision is to make OKX the gold standard in compliance for global markets and their respective regulatory agencies,” OKX CEO Star Xu stated in a post on the X platform on February 24.
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