Bloomberg’s anonymous sources reveal that OKX pleaded guilty in February to breaches of anti-money laundering laws and committed to a penalty payment exceeding $500 million. The root cause of the federal probe revolved around OKX’s failure to secure a license for operating as a money transmitter, as per the firm’s statement about the settlement.

The exchange also clarified that the U.S. users implicated in the case have been expelled from the platform, and the allegations did not result in customer harm. Cuomo, currently in the race for New York City’s mayoral seat, consistently interacted with OKX executives and advised them on responding to the criminal investigation, Bloomberg noted.

Bloomberg also reported that Cuomo encouraged OKX to appoint Linda Lacewell, former superintendent of the New York Department of Financial Services, to its board of directors. Consequently, Lacewell was designated as the new chief legal officer of OKX on Monday.

OKX has yet to comment on the matter. The Block, an independent news outlet that reports on cryptocurrency, is majority-owned by Foresight Ventures since November 2023. Foresight Ventures has investments in other crypto companies, including crypto exchange Bitget.

© 2025 The Block. All rights reserved. The information in this article is solely for informational purposes and should not be construed as legal, tax, investment, financial, or other advice.

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