Crypto exchange OKX appointed Andrew Cuomo, former New York governor and architect of the BitLicense, to its board. This move could open new possibilities for OKX, which has not yet obtained the BitLicense required to operate legally in New York.
BitLicense Challenge and OKX’s History
The BitLicense, created by Cuomo's administration in 2014, remains notoriously difficult to secure. Despite being the world’s fourth largest crypto exchange, OKX has never appeared on the New York Department of Financial Services (NYDFS) register. Competitors such as Coinbase, Gemini, Mastercard, and MoonPay have successfully obtained the license.
Obtaining the BitLicense has long been a hurdle: Kraken described it in 2015 as a formidable challenge that led them to cease operations in New York. According to Fortune, only four licenses were granted in the first three years after the license was introduced.
OKX’s founder, Star Xu, expressed optimism that Cuomo’s addition to the board will help OKX become “the world’s most trustworthy large digital asset exchange.” However, the exchange has faced regulatory scrutiny, including a 2023 incident where a staff member advised a U.S. customer to falsify location details to bypass restrictions. OKX attributed such issues to legacy compliance gaps.
Cuomo is not the first high-profile regulatory figure involved with OKX. Previously, former NYDFS superintendent Linda Lacewell, instrumental in BitLicense enforcement, joined OKX’s board and was promoted to chief legal officer shortly after the company entered a guilty plea linked to regulatory investigations.
In June 2026, OKX entered a joint venture with Intercontinental Exchange, NYSE’s owner, co-chaired by Cuomo, to run a US broker-dealer and futures firm pending "certain regulatory approvals." These approvals are presumed to include the BitLicense.
This article is for informational purposes and does not constitute financial advice.
