KuCoin EU Bolsters AML Team to Address Austrian Regulator's Concerns

In a move to address the concerns of its regulator, the European division of the global cryptocurrency exchange KuCoin has augmented its anti-money laundering and compliance capabilities. The exchange was recently instructed to halt its European operations due to a shortage of staff in these critical areas. KuCoin EU, which is licensed by Austria's FMA under the Markets in Crypto Assets (MiCA) regulation, has appointed Carmen Kleinhans as its anti-money laundering officer, alongside an expansion of its broader AML function. The company has also enlisted the expertise of seasoned Austrian compliance professionals Stephan Klinger and Bernd Träxler as deputy anti-money laundering officers. According to KuCoin EU Managing Director Sabina Liu, the exchange has maintained open and transparent communication with the FMA since the regulatory action in February. As part of its efforts to strengthen its compliance team, KuCoin EU has made several key appointments, significantly expanding its team. The exchange has faced challenges in recent times, including being barred from the U.S. market by the Commodity Futures Trading Commission (CFTC) and facing regulatory action from Dubai's VARA for operating without a license. Liu did not provide a specific timeline for when the Austrian regulator would permit KuCoin EU to resume its European operations, stating that discussions with the FMA are ongoing.