The Cryptocurrency Exchange OKX allegedly hired former New York Governor Andrew Kuomo to advise on federal inquiry, resulting in the firm convicted for several violations and agreed to pay $ 505 million in fine and punishment.
The New York-Penked Attorney Quomo advised OKX on legal issues after some time after August 2021, when he resigned as a New York Overnore, Bloomberg reported on 2 April, citing people acquainted with the matter.
“He spoke regularly with company officials and advised him to respond to a criminal investigation,” Bloomberg said.
The Seychelles-based firm blamed on 24 February for operating an unlicensed money-transmitting business in a violation of US-money laundering laws and agreed to pay a price of $ 84 million for a fee of $ 421 million earned from most institutional customers.
The Department of Justice at that time said that OKX has an official policy despite having an official policy, which prevents American individuals from doing transactions in its Crypto Exchange.
Rich Azofardi, a spokesman for Cumo, told Bloomberg that Kuomo has been providing private legal services representing individuals and corporations on various cases since resigning as New York Governor.
“He has not represented customers before the New York City or State Agency and recommends former colleagues for regular positions,” Azopardy said.
The OKX was reportedly not willing to comment on its relationship with external firms.
Cuomo also impressed Okx to make executive appointments: Bloomberg
Quomo, who is now running for the Mayor of New York City, also advised OKX to appoint his friend US Attorney Linda Leswell to the board of directors in OKX, Bloomberg said.
Recently, according to a statement by the company, former Superintendent of Financial Services Department of New York Department Leswell was added to the board in 2024 and on 1 April, the new Chief Legal Officer of OKX was named.
Source: Linda Leswell
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After the investigation ended, Okx said it would seek a compliance advisor to measure the issues arising out of the federal investigation and enhances its regulatory compliance program.
“Our vision is to make OKX a gold standard of global compliance on the scale of various markets and their respective regulatory bodies,” OKX CEO Star Joo said in 24X post on 24 February. “
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