OKX repositions US compliance team as highest priority
Offshore trade OKX has moved its U.S. compliance staff to high precedence inside the group.
The division now takes priority in all its operations, a strategic adjustment following elevated regulatory scrutiny on cryptocurrency exchanges for anti-money laundering practices. OKX’s restructure aligns with a broader business pattern the place regulatory our bodies are intensifying their calls for for compliance.
With rising considerations over the regulatory dangers going through offshore exchanges, OKX not too long ago eliminated USDT from its European choices and initiated an unprecedented freeze of USDT belongings in collaboration with Tether.
The platform’s international chief compliance officer additionally vacated his function earlier right this moment, having served simply six months within the firm. Patrick Donegan spearheaded OKX’s anti-money laundering initiatives, main a world staff of 300 workers. As revealed by his LinkedIn profile, Donegan’s tenure on the trade lasted from August 2023 to January 2024.
The U.S. is considerably cracking down on offshore exchanges resulting from considerations about cash laundering. Earlier this week, the U.S. DOJ charged KuCoin and its co-founders with felony offenses for non-compliance with anti-money laundering rules. The DOJ additionally charged Binance final yr with one of many largest felony indictments in business historical past, resulting in a document $4 billion settlement.
