OKX repositions US compliance team as highest priority 

2 Min Read

Offshore alternate OKX has moved its U.S. compliance crew to prime precedence throughout 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 development the place regulatory our bodies are intensifying their calls for for compliance. 

With rising considerations over the regulatory dangers dealing with offshore exchanges, OKX just lately 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 position earlier immediately, having served simply six months within the firm. Patrick Donegan spearheaded OKX’s anti-money laundering initiatives, main a worldwide crew of 300 staff. As revealed by his LinkedIn profile, Donegan’s tenure on the alternate lasted from August 2023 to January 2024.

The U.S. is considerably cracking down on offshore exchanges as a result of 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 laws. The DOJ additionally charged Binance final 12 months with one of many largest felony indictments in business historical past, resulting in a file $4 billion settlement. 

Follow Us on Google News

Source link

Share This Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *