NY Mayoral Frontrunner Cuomo Worked as a Paid Advisor to OKX to Deal with Federal Probe: Report

Former New York governor and mayoral candidate Andrew Cuomo has reportedly worked as an advisor for OKX crypto exchange in dealing with the federal probe. The investigation resulted in OKX pleading guilty to several violations and paying a penalty of $505 million.

According to Bloomberg, Cuomo advised the Seychelles-based exchange on policy issues and how to deal with the federal investigation. Andrew Cuomo started as a paid advisor after he resigned as the governor of New York during a 2021 scandal.

“He spoke with company executives regularly and counselled them on how to respond to the criminal investigation,” according to sources familiar with the matter.

In February, OKX’s operator pleaded guilty to one count of unlicensed money-transmitting business. “For over seven years, OKX knowingly violated anti-money laundering laws and avoided implementing required policies,” the Acting U.S. Attorney noted.

David Meister, outside counsel for OKX, told Cryptonews in an update that the settlement contained “absolutely no charges of money laundering.”

Cuomo Advised OKX on Executive Onboarding

Sources told Bloomberg that Cuomo encouraged OKX to bring Linda Lacewell, former superintendent of NYDFS, to its board of directors. Lacewell has been a board member since 2024, in advising the board and our legal department.

The exchange recently appointed her as its new Chief Legal Officer to bolster OKX’s global regulatory presence.

“Excited to join this stellar team,” Lacewell wrote on X, Tuesday.

Excited to join this stellar team! https://t.co/QBvDG8H5jf

— Linda Lacewell (@LindaLacewell) April 1, 2025

OKX said in a statement that Lacewell was appointed “for her regulatory expertise and board contributions since 2024.”

Former Governor Engaged in Private Law Practice

Rich Azzopardi, a campaign spokesperson, noted that Cuomo has been engaging in the private practice of law, representing individuals and corporations like OKX in various matters.

“He has not represented clients before a New York city or state agency and routinely recommends former colleagues for positions,” Azzopardi added.

Cuomo is seen as the frontrunner in the state mayoral election set for November and is set to hold significant advantage over incumbent and pro-crypto mayor Eric Adams.