KuCoin EU Enhances Anti-Money Laundering Capabilities to Meet Austrian Regulatory Requirements

In an effort to satisfy regulatory demands, the European division of the global cryptocurrency exchange KuCoin has bolstered its anti-money laundering and compliance capabilities. This move comes after the exchange was ordered to halt European operations due to a shortage of staff in these critical areas. KuCoin EU, which holds a Markets in Crypto Assets license from Austria's FMA, has appointed Carmen Kleinhans as its new anti-money laundering officer, while also expanding its broader AML function, as announced in a recent press release. Additionally, the exchange has 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 FMA since the regulatory action in February. Liu emphasized that the exchange has been strengthening its compliance team through multiple appointments, significantly expanding its size. KuCoin has faced challenges recently, including being barred from the U.S. following a CFTC order and facing regulatory issues in Dubai for operating without a proper license. However, Liu was unable to provide a specific timeline for when the Austrian regulator would permit KuCoin EU to resume European operations, stating that discussions with the FMA are ongoing.