Former NY governor Andrew Cuomo advised OKX amid federal probe: Bloomberg

Former New York Gov. Andrew Cuomo advised crypto exchange OKX on how to handle being investigated by federal authorities, Bloomberg reported on Wednesday. After leaving office, Cuomo advised OKX as it faced scrutiny from the FBI and prosecutors in the U.S. Attorney’s Office for the Southern District of New York, according to anonymous sources cited by Bloomberg. OKX pleaded guilty in February to violating anti-money laundering laws and agreed to pay more than $500 million in penalties.The federal investigation centered on OKX’s failure to obtain a license to operate as a money transmitter, the company said in a statement about the settlement. The exchange also noted that U.S. users involved in the case are no longer on the platform and that the allegations did not involve customer harm.Cuomo, now a candidate for mayor of New York City, "regularly" spoke to company executives and "counseled them on how to respond to the criminal investigation," Bloomberg reported.He also reportedly urged OKX to bring on former superintendent of the New York Department of Financial Services, Linda Lacewell, to the exchange's board of directors. On Monday, OKX appointed Lacewell as its new chief legal officer. "Excited to join this stellar team," Lacewell posted on Monday on X. An OKX spokesperson commented on Lacewell's new role. "OKX appointed Lacewell for her regulatory expertise and board contributions since 2024, positioning her to lead the company’s global legal strategy," they said in an email. Update: April 2, 9:35 p.m. UTC to include comments from OKXDisclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.