Former New York Governor and current New York mayoral candidate Andrew Cuomo served as a paid adviser to the offshore cryptocurrency exchange OKX, according to a report by Bloomberg.
Major platforms like Binance and FTX have faced intense scrutiny over compliance failures, leading to publicly chronicled billion-dollar settlements, among other consequences.
The latest regulatory controversy involves OKX, an offshore exchange that recently agreed to a $500M settlement with U.S. authorities.
Andrew Cuomo’s involvement with the OKX exchange platform is another chapter in the association between politics and cryptocurrency.
Cuomo’s involvement with the exchange
After resigning from his gubernatorial position amid a sexual harassment controversy, Andrew Cuomo established a consulting firm. Through the firm, he provided advisory services to various clients, including OKX.
Bloomberg reports that Cuomo advised the Seychelles-based exchange on policy issues and created strategies for responding to the investigation conducted by the Federal Bureau of Investigation (FBI) and prosecutors from the Southern District of New York.
Cuomo also weighed in on executive decisions and encouraged OKX to bring on Linda Lacewell to its board of directors. Lacewell is the former superintendent of the New York Department of Financial Services and Cuomo’s longtime ally. She was appointed as OKX’s chief legal officer this week.
According to sources, it wasn’t immediately clear how much Cuomo was paid for his work or when his arrangement with the company ended. Cuomo often met with the company executives and counseled them on how to respond to the criminal investigation, Bloomberg reports
In a statement released on Wednesday, OKX stated that it doesn’t comment on its relationships with outside agencies or firms. It added that Lacewell was appointed for her regulatory expertise and board contributions since 2024 and not because of Cuomo’s suggestion.
OKX legal trouble
OKX, operated by Aux Cayes FinTech Co., faced allegations of violating U.S. anti-money laundering laws by allowing U.S. customers to access its platform without proper registration and compliance measures.
Despite policies clearly prohibiting U.S. users, the exchange allegedly facilitated more than $1T in transactions from U.S.-based customers between 2018 and early 2024.
During the trial, prosecutors highlighted that OKX not only permitted these transactions but, in some instances, actively encouraged users to find a way around their geographic restrictions. For example, OKX employees allegedly advised customers to provide false information to bypass compliance procedures. Additionally, the company promoted its services within the U.S., including sponsoring events like the Tribeca Film Festival in New York.
In February 2025, OKX pleaded guilty to operating an unlicensed money-transmitting business and agreed to pay approximately $505M in fines and forfeitures. The settlement included an $84M fine and a $420M forfeiture.
“For over seven years, OKX knowingly violated anti-money laundering laws and avoided implementing required policies to prevent criminals from abusing our financial system,” U.S. Attorney Matthew Podolsky said in a February news release. “As a result, OKX was used to facilitate over five billion dollars’ worth of suspicious transactions and criminal proceeds.”
The company is also required to keep an external compliance consultant on its payroll until February 2027 to ensure the company’s continued adherence to regulatory standards.
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