Crypto Exchange OKX Appoints Former NYDFS Head as Chief Legal Officer
Crypto exchange OKX has appointed Linda Lacewell as its new Chief Legal Officer, the company announced. Lacewell, who previously served as the Superintendent of the New York Department of Financial Services (NYDFS), will oversee the company’s global regulatory and compliance strategy.
OKX also confirmed the departure of Mauricio Beugelmans, who served as the company’s Chief Legal Officer for a year and eight months.
Lacewell joined OKX as a board member in 2024 and has since been involved in advising its legal and compliance teams. Her appointment comes as the exchange expands its operations in key markets, including Europe and the United Arab Emirates.
During her tenure at NYDFS, Lacewell led the oversight of banking, insurance, and financial institutions in New York. She was involved in modernizing the state’s cryptocurrency licensing framework and worked on initiatives related to cybersecurity and financial crime investigations.
OKX Continues to Secure Regulatory Approvals
OKX has been securing regulatory approvals in multiple jurisdictions over the past year and is planning further expansion into new markets. The company stated that Lacewell’s expertise will play a role in navigating evolving regulatory requirements as it adapts its products for different regions.
OKX is among the world’s largest cryptocurrency exchanges by trading volume. Exchanges have been seeking licensing approvals to ensure compliance with regional regulations while expanding their global footprint.
Lacewell’s move to OKX follows a broader trend of former regulators taking roles in the cryptocurrency industry. Other exchanges and blockchain firms have also hired former government officials in legal and compliance positions as regulatory scrutiny intensifies.
OKX Operator Paid $505M in Fines for Violating US Money Laundering Laws
The US Department of Justice had announced earlier this year that the operator of OKX, Aux Cayes FinTech Co, pleaded guilty to violating US anti-money laundering laws and agreed to pay $505 million in fines and forfeitures.
Prosecutors revealed that from 2018 to early 2024, OKX allowed US users to bypass restrictions, facilitating over $1 trillion in transactions, including $5 billion linked to suspicious or criminal activities. Despite its stated policy against serving US customers, the exchange sometimes encouraged them to evade the ban.
On March 21st, Thailand’s SEC filed a criminal complaint against OKX operator and nine individuals for allegedly running an unlicensed digital asset exchange. The regulator accused them of violating local laws by operating without proper authorization.
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