KuCoin EU Expands AML Team to Address Austrian Regulatory Concerns

KuCoin's European division has bolstered its anti-money laundering and compliance capabilities in an effort to address regulatory concerns. The move comes after Austria's Financial Market Authority (FMA) instructed the cryptocurrency exchange to halt European operations due to a shortage of AML and compliance staff. As part of its efforts to appease the regulator, KuCoin EU has appointed Carmen Kleinhans as its anti-money laundering officer and expanded its AML function. Additionally, the company has hired seasoned 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 FMA since the regulatory action in February. Liu stated that the exchange has been strengthening its compliance team and making numerous appointments to enhance its capabilities. However, she was unable to provide a timeline for when the FMA would permit KuCoin EU to resume European operations, citing the need for further discussions with the regulator.