Offshore change OKX has moved its U.S. compliance workforce 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 development the place regulatory our bodies are intensifying their calls for for compliance.
With rising issues over the regulatory dangers going through offshore exchanges, OKX just lately eliminated USDT from its European choices and initiated an unprecedented freeze of USDT property in collaboration with Tether.
The platform’s world 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 workforce of 300 workers. As revealed by his LinkedIn profile, Donegan’s tenure on the change lasted from August 2023 to January 2024.
The U.S. is considerably cracking down on offshore exchanges because of issues 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 file $4 billion settlement.