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Offshore exchange OKX has moved its U.S. compliance team to top priority within the organization.
The department now takes precedence in all its operations, a strategic <a href="https://twitter.com/WuBlockchain/status/1773343772350288233" target="_blank" rel="noopener noreferrer nofollow">adjustment</a> following increased regulatory scrutiny on cryptocurrency exchanges for anti-money laundering practices. OKX’s restructure aligns with a broader industry trend where regulatory bodies are intensifying their demands for compliance.&nbsp;
With growing concerns over the regulatory risks facing offshore exchanges, OKX recently removed <a href="https://crypto.news/price/tether/" rel="noopener noreferrer nofollow">USDT</a> from its European offerings and initiated an unprecedented freeze of USDT assets in collaboration with <a href="https://crypto.news/tether-ai-division-hiring-launch/" rel="noopener noreferrer nofollow">Tether</a>.
You might also like: <a href="https://crypto.news/sam-bankman-fried-sentenced-25-years-ftx/" rel="noopener noreferrer nofollow"> FTX founder Sam Bankman-Fried sentenced to 25 years in prison </a>
The platform’s global chief compliance officer also vacated his role earlier today, having served just six months in the company. Patrick Donegan spearheaded OKX’s anti-money laundering initiatives, leading a global team of 300 employees. As revealed by his LinkedIn profile, Donegan’s tenure at the exchange lasted from August 2023 to January 2024.
The U.S. is significantly cracking down on offshore exchanges due to concerns about money laundering. Earlier this week, the U.S. DOJ charged <a href="https://crypto.news/kucoin-united-states-money-laundering/" rel="noopener noreferrer nofollow">KuCoin</a> and its co-founders with criminal offenses for non-compliance with anti-money laundering regulations. The DOJ also charged <a href="https://crypto.news/binance-buyer-russia-commex/" rel="noopener noreferrer nofollow">Binance</a> last year with one of the largest criminal indictments in industry history, leading to a record $4 billion settlement.&nbsp;
Read more: <a href="https://crypto.news/investors-withdraw-350m-worth-of-eth-usdt-usdc-from-kucoin/" rel="noopener noreferrer nofollow"> Investors withdraw $350m worth of ETH, USDT, USDC from KuCoin </a>

OKX repositions US compliance team as highest priority

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