6 days ago
6
Former New York Governor Andrew Cuomo’s deepening relationship with crypto exchange OKX is becoming one of the more uncomfortable storylines in his 2025 New York City mayoral campaign. His paid advisory role at the exchange, which unfolded during a federal investigation that ended in a $505 million settlement for anti-money laundering violations, has handed political opponents a ready-made attack line.
The OKX connection
Cuomo served as a paid adviser to OKX during its federal investigation in early 2025. His role was narrowly focused: help the exchange navigate its regulatory strategy and craft legal responses to the probe.
OKX ultimately settled with US authorities for $505 million over anti-money laundering violations tied to its operations.
Cuomo also played matchmaker, recommending Linda Lacewell as OKX’s chief legal officer. Lacewell previously served as Superintendent of the New York Department of Financial Services, the very agency responsible for regulating crypto firms operating in the state.
Political fallout in the mayoral race
Cuomo resigned as governor in 2021 amid separate allegations unrelated to crypto. His connections to OKX have become a focal point of attack ads in the 2025 campaign, with rivals seizing on the timeline: Cuomo was advising a crypto exchange that was simultaneously negotiating a half-billion-dollar settlement with federal authorities.
Cuomo’s campaign has proposed a Chief Innovation Officer role within city government.
What this means for investors
The Lacewell hiring is particularly worth watching. A former DFS superintendent now serving as chief legal officer at an exchange that just paid over half a billion dollars in penalties creates a dynamic where institutional knowledge of the regulatory apparatus sits inside the regulated entity.
Investors should monitor how OKX’s US operations evolve post-settlement. The exchange paid a steep price for its anti-money laundering failures, and any future enforcement actions or compliance issues would land with extra force given the advisory relationships now on the public record.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
English (US) · 