KuCoin EU Bolsters Anti-Money Laundering Team to Address Austrian Regulator's Concerns

In an effort to address the concerns of its Austrian regulator, the European division of the global cryptocurrency exchange KuCoin has expanded its anti-money laundering and compliance team. The move comes after the exchange was instructed to halt its European operations due to a shortfall in AML and compliance staff. KuCoin EU, which holds a Markets in Crypto Assets license from Austria's Financial Market Authority, has appointed Carmen Kleinhans as its new anti-money laundering officer, in addition to broadening its AML function. The exchange has also hired seasoned Austrian compliance experts Stephan Klinger and Bernd Träxler as deputy anti-money laundering officers. According to KuCoin EU Managing Director Sabina Liu, the exchange has maintained open communication with the regulator since the issue arose in February. Liu stated that the exchange has been actively strengthening its compliance team, resulting in a significant expansion of the team. KuCoin has faced recent challenges, including being barred from the US market by the Commodity Futures Trading Commission and facing regulatory action from Dubai's VARA for operating without a license. However, Liu was unable to provide a specific timeline for when the Austrian regulator would permit KuCoin EU to resume its European operations, citing the need for further discussions with the FMA.