OKX has appointed Linda Lacewell as its new Chief Legal Officer (CLO) following the exit of Mauricio Beugelmans. Lacewell joined OKX as a board member last year and previously served as Superintendent and head of the New York Department of Financial Services. According to an announcement made on Tuesday, her leadership comes at a crucial time for the exchange as it plans to expand into key markets, including Europe and the U.A.E.

The announcement follows Beugelmans’ departure, which was reportedly linked to OKX’s payment of over $500 million in penalties to the U.S. Department of Justice (DOJ). The DOJ stated that OKX had facilitated more than $5 billion in suspicious transactions and criminal proceeds. Beugelmans noted in an email that he left to pursue another opportunity within the crypto industry.

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

For further details on this update, check the full article on CoinDesk.