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Former New York governor Andrew Cuomo has joined the OKX cryptocurrency exchange as a member of its board of directors. Cuomo became a board member after advising the company on US regulatory and institutional matters for three years, since 2023.
Strengthening OKX’s Governance
According to the crypto exchange’s announcement, Cuomo’s appointment strengthens its governance as it expands its presence in the US and builds infrastructure linking traditional finance with digital assets.
Cuomo had served as New York’s attorney general and as the US Secretary of Housing and Urban Development before becoming the state’s 56th governor. According to OKX CEO Star Xu, the former New York governor has influenced OKX’s approach to the US market. He emphasized that it will provide additional expertise on regulatory and institutional engagement as a board member.
It is worth noting that Cuomo’s appointment as a board member at OKX highlights a growing trend among major crypto exchanges. Most of them are shifting from the historical association with innovators, particularly members of the tech ecosystem who focus on disrupting the traditional sectors. They are currently aligning with political and regulatory insiders, suggesting that influence could be crucial in the crypto industry’s next phase of development.
A Trend Among Crypto Industry Giants
Notably, digital asset platforms adopted an anti-establishment posture over the past decade. They posed as alternatives to traditional finance, triggering regulatory friction between the crypto industry and existing laws. However, a recent trend has seen industry giants, such as Binance, elevating Richard Teng, a veteran regulator from Singapore’s MAS and Abu Dhabi’s ADGM, to steer its global operations.
Similarly, Coinbase, the United States foremost crypto exchange, built a formidable advisory board featuring former U.S. Senators, Department of Justice officials, and executive branch veterans to spearhead its legislative push. Meanwhile, Kraken, another top crypto exchange, has steadily institutionalized its leadership team, shifting away from its historically vocal libertarian roots toward traditional corporate governance.
According to Xu, Cuomo’s move to OKX’s board formalizes a relationship that has already shaped how the firm approaches the US market. He noted that it would enhance OKX’s efforts to build the infrastructure layer for both traditional and digital finance. Xu believes Cuomo is one of those who understand how governments, institutions, and markets actually think.
Related: OKX Raise Doubts on Binance’s Regulatory Arbitrage Games Citing Similar Incident in 2022