OKX Appoints Linda Lacewell as Its New Chief Legal Officer

Key Points to Know:

• OKX has named Linda Lacewell as its new chief legal officer, succeeding Mauricio Beugelmans.

• Beugelmans' departure was previously reported to be linked to the exchange’s over $500 million penalties paid to the U.S. Department of Justice.

OKX has named Linda Lacewell its new Chief Legal Officer (CLO) after Mauricio Beugelmans' departure.

Lacewell, who became a board member of the crypto exchange last year, previously held the role of Superintendent and head of the New York Department of Financial Services, as announced on Tuesday.

"Her leadership comes at a critical time as we continue to expand into important markets like Europe and the U.A.E.," stated OKX.

The announcement of Lacewell’s appointment follows news of Mauricio Beugelmans' departure from OKX. Sources suggest that Beugelmans left due to the exchange’s substantial penalties, totaling over $500 million, paid to the U.S. Department of Justice (DOJ). These penalties were a result of the DOJ’s investigation into OKX’s role in facilitating suspicious transactions.

The DOJ claimed that OKX had been involved in over $5 billion worth of transactions linked to criminal proceeds and other illicit activities, further complicating the exchange's standing with U.S. regulators.