tl;dr
Patrick Donegan, the global chief compliance officer and head of anti-money laundering efforts for OKX, left his role at the second-largest cryptocurrency exchange after just six months in the job. He managed a team of 300 people around the world, and his departure comes at a time when crypto exchan...
Patrick Donegan, the global chief compliance officer and head of anti-money laundering efforts for OKX, left his role at the second-largest cryptocurrency exchange after just six months in the job. He managed a team of 300 people around the world, and his departure comes at a time when crypto exchanges are under pressure to improve their anti-money laundering efforts. Neither OKX nor Donegan have responded to requests for comment.
Donegan joined OKX in August 2023 and left in January 2024, according to his LinkedIn profile. He described himself as a regulatory specialist on AML with "skills in creating policies and procedures, meeting regulatory expectations while promoting business initiatives and establishing strong relationships with regulators." Crypto exchanges are facing increasing scrutiny and pressure to combat money laundering. Recently, the world's largest crypto exchange, Binance, settled charges with U.S. authorities related to anti-money laundering laws. Donegan's departure raises questions about the state of compliance within cryptocurrency exchanges.
His previous experience as chief compliance officer and senior vice president at the once crypto-friendly Signature Bank adds further insight into the challenges surrounding compliance in the digital currency industry. The high-profile departures and legal actions within the industry underscore the urgency for improved anti-money laundering efforts. The departure of a key compliance figure like Patrick Donegan at OKX highlights the ongoing need for strong regulatory practices within the cryptocurrency sector.
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