KuCoin EU Bolsters Anti-Money Laundering Team to Address Regulatory Concerns

In an effort to satisfy regulatory requirements, the European division of the global cryptocurrency exchange KuCoin has recruited experts in anti-money laundering and compliance. This move comes after the exchange was instructed to halt its European operations due to a shortage of staff in these areas. KuCoin EU, which holds a MiCA license from Austria's FMA, has appointed Carmen Kleinhans as its anti-money laundering officer and expanded its AML function, as announced in a recent press release. Additionally, the exchange has hired seasoned Austrian compliance professionals Stephan Klinger and Bernd Träxler as deputy anti-money laundering officers. According to Sabina Liu, Managing Director of KuCoin EU, the company has maintained open communication with the FMA since the regulatory action in February. Liu stated that the exchange has been working to fortify its compliance team, making numerous appointments to significantly expand the team. KuCoin has faced challenges recently, including being banned in the U.S. by the CFTC and facing regulatory issues in Dubai for operating without a license. Liu was unable to provide a specific timeline for when the Austrian regulator would permit KuCoin EU to resume European operations, citing the need for further discussions with the FMA.