Confidential protocols are placed to deal with the news of regulatory failures of one of the top five crypto exchanges, OKX, suggesting that the company is likely to rely on a settlement of US authorities within the Some time.
This happened on Monday when OKX announced A $ 500 million-plus settlement with the US Department of Justice after failing to secure a money transmitter license and are said to be facing $ 5 billion in “weak -suspected transactions and criminal proceeds.”
Careful OKX planning makes for some amazing -wonderful reading. The Secret Crisis Document Document CoinDesk has referred to a “SWAT team” messaging that can be mobilized to implement different ways of the company’s leading executives can talk to a regulating through social media and when talking to journalists.
Earlier in the early fines and forfeiture of Monday, OKX made specific guidelines related to repairing the DOJ, as well as the US Treasury Department’s Office of Foreign Assets Control (OFAC, or Watchdog) Office of Foreign Assets Control) , for example.
A favored approach is to point out that the entire crypto industry is widely under extreme analysis and that OKX is a whole cooperation with the regulators, the document said. It was pronounced in Monday’s press release saying that OKX “appreciated” the “Cooperation of the DOJ.”
Since President Donald Trump’s administration took place last month, the main focus for crypto regulatory agencies is to reverse their former aggressive implementation stance, including SEC Dropping of ongoing trial and Closing investigation. But not in the case of OKX, which, like Kucoin with recently $ 300 million penalties and Binance Back in 2023, forced costs.
The guide refers to what is expected from OKX founder Star Xu, President Hong Fang and other executives when it comes to “their social media actions in two situations: 1) leak before the regulating of the Ofac, 2) in the region of OFAC. “
Also, on the issue of the OFAC, if the executives were asked if the OKX was served in the penalized markets, one suggestion would say: “And there is little importance of the Okcoin customer or OKX customer’s base.”
In fact, Monday’s press release from OKX recognized that US customers had traded in the global exchange.
“The total number of US customers involved – which is no longer on the platform – costs a small percentage of customer population worldwide,” the release said.
Brand awareness
Another priority for OKX is how the firm choreographs fixed the sponsorship of the big ticket to the preferences of the Manchester City Football Club, F1 Team McLaren and the Tribeca Film Festival. Firm estimates that about $ 100 million per year has been spent in partnerships over the past three years.
The action plan for brand partners involves the OKX Marketing chief that gives each partner a phone call “the last time before the news is broken.”
The recommended approach here is to say that OKX has prepared for a regulation review, given an increased investigation of crypto companies. When asked why the exchange of information was not shared about it, the document said they were pending questions and non -public objects. There is also a bullet point that suggests the head of CMO and OKX of the legal “review of clauses with our brand partner contracts.”
Do not mention OKB
Another detail that draws attention to the OKX planning document is the native cryptocurrency of the exchange, OKB. A clear reminder of the following FTX is any suggestion that OKB was used as collateral or to supply any OKX operation, As is the case with the FTT token of FTX.
Of course, the OKB exchange token is not subject to anything such as the evils of the FTX exchange token. However, it is involved in A sudden flash crash In January 2024, the OKX quickly offered to pay the users lost. The token, with relatively thin quantities of trade and liquidity, saw 10 dormant wallets that would be active and starting to trade before the crash, according to Marina Khaustova, COO Crystal Intelligence, a Blockchain Analytics firm.
Shortly after the OKB crash, OKX executives Tim Byun, the former CEO of Okcoin and head of global government relations, and head of the Wei Lan product was released by okx. A resource familiar to the situation Byun said was “sacrificed” following the OKB crashing.
Not surprisingly, the OKX CommS protocol emphasizes that execs should “refrain from mentioning OKB and only reference if asked.”
Media management
Another part of the puzzle is how to replace media questions. Should Okx receive emails or a phone call from a journalist looking for a comment about ongoing investigation, SWAT team and PR team must act to “buy time by offering the leadership schedules ”
Meanwhile.
“1. Push for delay 2. Friendly publications confirmed 3. Asynchronously queue the internal / external commands, so we hit the shipping as the story goes out,” he said.
OKX did not comment by the time of press
