“A Confidential Crisis Management Docment Drafted by Okx Offers A Fascinating Insight Into How One Exchange Choreographs ITS Ressa Ressapons Who News Breaks About Regulatory Failures.”, – WRITE: www.coindesk.com
This Happy 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 Allegedly facilated and Criminal Proceeds. ”
Okx’s Meticcules Planning Makes for Some Fascinating Reading. The Secret Crisis Management Docment Seen by Coindesk Refers to A Messaging “Swat Team” that can be mobilized to IMPLEMENT VARIUS WIAS to Reporters.
Well in Advance of Monday’s Large Fine and Forfeiture, Okx Had Produced Specialty With Regards to Setting with The Doj, As Well As The US Treasury of the assist of ( Sanctions Watchdog), for Example.
A favored Approach is to Point Out of the Entire Crypto Industry Has Been Broadly Under Intense Scrutiny and that Okx is Coopeting Fully with Regulators, The DOCUMENT SAID. This was was echoed in monday’s press Release WHICH SAID OKX “Appreciates” The Doj’s “Collaboration.”
Since The Administration of President Donald Trump Took Over Last Month, The Main Focus for Regulatory Agencies in the Crypto Arena Has Been To Reverse Their Previos, Wit Litigation and Closing Investigations. But not so in the Case of OKX, WHICH, LIKE KUCOIN WITH ITS RECENT $ 300 Million Penalty and Binance Back in 2023, HAS BEEN FORCED INTO COSTLY SETTLEMENTS.
The Guidance Refers to What Is Expectioned from Okx Founder Star Xu, President Hong Fang and Other Executives WHEN IT MEDIA ACTIONS in Two Scenarios: 1) leak. Settlement. ”
ALSO, ON ISUE OF OF OFA, IF Executives Are Asked if Okx Has Served Sanctioned Markets, One Suggestation Is To Say: “Customers from Sancyts SlipPed Morughhhhhhh. Controls and Systems […] IT is a very small and insignificant part of the Okcoin or Okx Customer Base. ”
Indeed, Monday’s Press Release from OkX Acknowedged that US Customers Were Able to Trade On the Global Exchange.
“The Total Number of US Customers Involved – WHICH Are No Longer on the Platform – Amounted to a Small Percentage of the Company’s Worldwide Customer Population,” The Release Said.
Brand AwarenessAnother Priority for Okx is How The Firm Choreographs Its Big-Ticket Sponsorship Arrangements with the Likes of Manchester City Football Club, F1 Team McLaren and The Tribeca Film Festival. The FIRM ESTIMATES THAT AROUND $ 100 Million per annum have been spent on these partnerships over the past Three years.
The Action Plan for Brand Partners Involves the Okx Marketing Chief Giving Each Partner a Phone Call “At the Last Hour Before The News Breaks.”
The recommented strategy here is to say Okx have prepared for a regulatory review, Given the heighened scrutiny on Crypto Firms. If Asked Wy The Exchange Did Not Share Information About This Before, The Document States Thatse Are PENDING INQUIRIES AND NON-PUBLIC MATTERS. There is also a bullet point suggesting the cmo and okx’s head of legal “Review clause in OUR Brand Partner Contragraphs Again.”
DON’T MENTION OKBAnother Detail That Gets Attmentation in the Okx Planning Document Is The Exchange’s Native Cryptocurrency, OKB. An Obvios Concern in the aftermath of FTX is any suggesttion that okb have been used as collateral or to Finance of Operets of Okx, as was the Case with ftx’s ft.
Of Course, The OKB Exchange Token Hasn’s Been Subject to Anything Like The Iniquities of FTX’s Exchange Token. However, It Was Involved in a Sudden Flash Crash in January 2024, After Which Okx Quickly Offered to Compensate USERS WHO HAD LOST OUT. The token, which have a right -thin trading volume and liquidity, SAW 10 DORMET WALLETS BECOME Active and Begin Trading Just Before the Crash, Accounting To Marina Khaustova. Analytics FIRM.
Not Long After The OKB Crash, OKX Executives Tim Byun, The Former Ceo of Okcoin and Head of Global Government Relations, and Head of Product Wei Lan Were Let Go BY OKX. A Source Familiar with the situation said byun was “Sacrificed” Following the OKB Crash.
Unsurpringly, The Okx Comms Protocol Emphasizizes that Execs Should “Refrain from Mention OKB and Reference This Only IF Asked.”
Media ManagementAnother Part of the Puzzle is How The Exchange Should Deal With Media Inquiries. Should Okx Receive Emails or A Phone Call from A Journalist Looking for Comment About Ongoing Investigations, The Swat Team and Pr Team Should Go Into Action to “Buy TULESSING UPERING
Meanwhile, The Plan is “to Contact Key Friendly Publications for a PARALLEL SHORT TO SEED IN A COMPLIMENTARY Narrative to the Originating Story,” The Document States.
“1. Push for Delay 2. Confirm Friendly Publications 3. Asynchronously Queue Up Internal / External Comms, So We Hit Send as The Story Comes Out, “IT SAID.
Okx Did Not Provide A Comment by Press Time
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