Cryptocurrency exchange OKX reportedly sought legal advice from former New York Governor Andrew Cuomo during a lengthy federal investigation, which culminated in the firm pleading guilty to criminal charges and agreeing to pay $505 million in fines and penalties.
According to an April 2 report from Bloomberg, Cuomo provided strategic legal counsel to OKX after his resignation as governor in August 2021. Citing sources familiar with the matter, Bloomberg reported that Cuomo spoke regularly with company executives, guiding them on responding to the U.S. Department of Justice’s (DOJ) criminal investigation.
In February 2025, the Seychelles-based exchange pled guilty to operating an unlicensed money-transmitting business, violating U.S. Anti-Money Laundering (AML) laws. The DOJ said the breaches occurred from 2018 to 2024, despite OKX’s policy—dating back to 2017—prohibiting U.S. persons from using its platform.
As part of its plea deal, OKX agreed to:
- Pay $84 million in penalties
- Forfeit $421 million in fees earned from mostly institutional clients
The investigation marked one of the most high-profile enforcement actions against a major crypto exchange in the United States.
Cuomo’s Legal Role and Post-Governorship Work
A spokesperson for Cuomo, Rich Azzopardi, confirmed to Bloomberg that the former governor has provided private legal services to corporate and individual clients since stepping down in 2021.
“He has not represented clients before a New York city or state agency and routinely recommends former colleagues for positions,” Azzopardi noted.
OKX declined to comment on its relationship with Cuomo or other outside legal advisors.
Bloomberg also reported that Cuomo advised OKX to appoint Linda Lacewell, a longtime ally and former Superintendent of the New York Department of Financial Services (NYDFS), to its board of directors in 2024.
On April 1, OKX announced that Lacewell had been named its new Chief Legal Officer, replacing Mauricio Beugelmans. Her appointment comes amid the company’s stated effort to strengthen global compliance following the federal investigation.
Following its settlement with U.S. authorities, OKX pledged to undergo a compliance overhaul, including hiring a compliance consultant to address the issues identified by regulators.
“Our vision is to make OKX the gold standard of global compliance at scale across different markets and their respective regulatory bodies,” OKX CEO Star Xu wrote in a Feb. 24 post on X.
The firm’s recent legal and leadership shakeups reflect growing pressure on global exchanges to align with U.S. financial laws, particularly around anti-money laundering enforcement and jurisdictional compliance.
Political Crossroads: Cuomo Eyes New York City Mayoral Run
Cuomo, once a rising figure in the Democratic Party, is reportedly considering a 2025 run for mayor of New York City. His behind-the-scenes role in advising OKX and recommending board appointments could come under scrutiny as political and regulatory interests continue to converge in the crypto space.
