OKX, one of the biggest crypto exchanges in the world, just took a major hit. The U.S. Department of Justice (DOJ) forced the company to pay over $500 million in penalties and forfeitures. Why? The DOJ said OKX operated as an unlicensed money transmitter and ignored U.S. anti-money laundering laws since 2017.
The DOJ called OKX’s behavior reckless. FBI officials even accused the exchange of helping criminals move over $5 billion in suspicious transactions. Investigators said OKX encouraged U.S. users to fake their identity and avoid detection. The damage went deep enough that OKX had to shut down part of its business after hackers linked to North Korea used its platform to clean stolen funds.
This settlement didn’t come cheap. OKX agreed to pay $84 million in penalties and give up $421 million it earned from U.S. customers. The case also sparked concern among global regulators.
OKX Parts Ways with CLO Mauricio Beugelmans
Right after the DOJ settlement, OKX’s Chief Legal Officer, Mauricio Beugelmans, left the company. He had worked there since 2021 and helped build its global compliance strategy. But sources close to the matter say his exit was tied to the legal fallout.
Beugelmans hasn’t said much about the reasons behind his departure. His LinkedIn post simply marked the end of his nearly four-year tenure. But the timing raises eyebrows. OKX needed a fall guy, and Beugelmans may have been it.
His departure comes as OKX tries to rebuild trust. The company says it’s now working with a compliance consultant and plans to keep that advisor onboard until 2027. It wants to show regulators—and the public—that it’s serious about fixing past mistakes.
OKX Brings in Linda Lacewell as New CLO
OKX didn’t waste time finding a new legal boss. The exchange just appointed Linda Lacewell as its new Chief Legal Officer. She’s no stranger to regulation. Lacewell used to run the New York Department of Financial Services (NYDFS), one of the toughest watchdogs in finance.
Lacewell joined OKX’s board in 2024 and now steps into a frontline role. Her main job? Lead the global legal and compliance team. OKX hopes her deep experience will help them steer through mounting scrutiny in Europe, the UAE, and Asia.
In her NYDFS days, Lacewell was known for cracking down on financial crime and boosting cybersecurity. OKX is betting she can bring that same energy to a company still smarting from its DOJ battle.
We’re thrilled to share that Linda Lacewell previously regulator / Head of NYDFS, has recently stepped into the role as Chief Legal Officer.
We are excited about Linda’s wealth of experience to advance OKX’s regulatory footprint. Read more: https://t.co/VPFPYuixoJ pic.twitter.com/uaYnPqOUGi
— OKX (@okx) March 31, 2025
OKX Under Pressure Across the Globe
Even beyond the U.S., OKX is feeling the heat. Thai regulators are suing the company for offering crypto services without a license. European regulators are watching closely too, especially after the platform’s issues with its DEX aggregator.
The company says it’s taking these concerns seriously. The recent DOJ case has forced it to rethink how it operates in every jurisdiction. Hiring someone like Lacewell is part of that reset.
Still, trust takes time to rebuild. Customers, regulators, and investors will be watching what OKX does next. The exchange says it wants to be “the most trusted and tech-led crypto exchange in the world.” After this scandal, it has a lot of ground to cover.
Final Thoughts
Now it’s on Linda Lacewell to clean up the mess. OKX clearly wants to show the world it’s turning a new page. Her background makes her the right person for the job—if she can navigate the complex web of global regulations and push back against legal risks.
But this won’t be easy. Lacewell must rebuild OKX’s reputation while keeping growth plans alive. With DOJ fines behind them and a new CLO in place, OKX has a rare second chance.
The crypto world will be watching closely to see if she can pull it off.