According to his LinkedIn page, Patrick Donegan, the global chief compliance officer and head of OKX’s anti-money laundering efforts, resigned from his position at the second-largest cryptocurrency exchange after just six months on the job.
Donegan managed a team of 300 people around the world, joined OKX in August 2023 and left in January 2024, his profile states. 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.”
Cryptocurrency exchanges are facing pressure to clean up their act in regards to matters such as money laundering prevention.U.S. federal prosecutors have most recently accused cryptocurrency exchange KuCoin and two of its founders of breaking anti-money laundering rules.Similar accusations were settled by US authorities against Binance, the largest cryptocurrency exchange in the world based on trading volume, in November of last year.
Previously, Donegan worked for over eight years as senior vice president and chief compliance officer at the erstwhile crypto-friendly Signature Bank.