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

In an effort to address the concerns of its regulator, 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 critical areas. KuCoin EU, which is licensed by Austria's Financial Market Authority under the Markets in Crypto Assets regulation, has appointed Carmen Kleinhans as its new Anti-Money Laundering Officer, while also expanding its broader AML capabilities, 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 KuCoin EU Managing Director Sabina Liu, the exchange has maintained open and transparent communication with the FMA since the regulatory action in February. Liu emphasized that the exchange has been actively strengthening its compliance team, making numerous appointments to ensure a robust and compliant operation. KuCoin has faced significant challenges recently, including being barred from the US market by the Commodity Futures Trading Commission and facing regulatory issues in Dubai for operating without the necessary license. However, Liu was unable to 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.