Former New York Governor Andrew Cuomo played a role in advising cryptocurrency exchange OKX amidst a federal investigation. This also involved Linda Lacewell's appointment to a key position within the company.
Andrew Cuomo's Role in the Investigation
According to Bloomberg, Andrew Cuomo was in regular contact with OKX executives, providing guidance during the investigation by the FBI and the U.S. Attorney’s Office for the Southern District of New York. The investigation resulted in the exchange pleading guilty to violating U.S. anti-money laundering laws and paying a penalty exceeding $500 million. Cuomo's involvement reportedly provided strategic insights to OKX for their legal approach.
Linda Lacewell's Involvement
Cuomo advised OKX to hire Linda Lacewell, a former regulator and longtime ally, to bolster the company's legal stance. Lacewell was subsequently appointed as Chief Legal Officer. She previously served as the superintendent of the New York Department of Financial Services, the agency responsible for issuing crypto licenses in the state.
Implications for OKX and Cuomo's Future
Despite the penalty payment, OKX continues to navigate a challenging regulatory environment in the U.S. Interestingly, Cuomo's involvement in this case highlights his ties to key figures in finance and crypto, which might play a role in his political comeback as he considers running for New York City mayor.
Cuomo's advisory role and Lacewell's involvement underscore the complex relationship between the cryptocurrency industry and U.S. regulators while highlighting ongoing challenges for OKX.
