OKX has recently appointed Linda Lacewell as its new chief legal officer (CLO), following the departure of former CLO Mauricio Beugelmans. Lacewell, who joined the cryptocurrency exchange as a board member last year, brings a wealth of experience to her new role, having previously served as the Superintendent and head of the New York Department of Financial Services.
The announcement, made on Tuesday, emphasized the critical timing of Lacewell’s leadership as OKX aims to expand its operations into key international markets, including Europe and the United Arab Emirates (U.A.E). OKX stated, ‘Her leadership comes at a pivotal time as we expand into key markets such as Europe and U.A.E.’
This leadership change follows CoinDesk’s report on the day prior, revealing that Beugelmans’ exit from OKX was connected to the exchange’s substantial penalties exceeding $500 million, which were paid to the U.S. Department of Justice (DOJ). Sources indicated that these penalties stemmed from allegations that OKX facilitated over $5 billion in suspicious transactions and criminal proceeds.
Lacewell’s appointment signals a renewed commitment at OKX, focusing not only on compliance and legal governance but also on fostering a responsible framework within the growing cryptocurrency landscape. As the exchange moves forward, industry observers will be keenly interested in how her experience will influence OKX’s strategies in navigating regulatory complexities while pursuing growth opportunities in emerging markets.
