OKX has appointed Linda Lacewell as its new chief legal officer (CLO) after the departure of Mauricio Beugelmans.

Lacewell joined the crypto exchange as a board member last year having previously served as Superintendent and head of the New York Department of Financial Services, according to an announcement on Tuesday.

"Her leadership comes at a pivotal time as we expand into key markets such as Europe and U.A.E," OKX said.

The announcement comes the day after CoinDesk reported that Lacewell's predecessor Mauricio Beugelmans had left OKX, with his departure related to the exchange's penalties of over $500 million paid to the U.S. Department of Justice (DOJ), according to a source familiar with the matter.

The DOJ stated that OKX had facilitated more than $5 billion in “suspicious transactions and criminal proceeds.”

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