KuCoin EU Boosts AML Capabilities to Address Austrian Regulatory Concerns

In an effort to address 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 by Austrian regulators to halt its European operations due to a lack of staff in these 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 anti-money laundering officer. Additionally, the company has expanded its AML function and hired seasoned 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 communication with the regulator since the issue arose in February. Liu stated that the exchange has been strengthening its compliance team by making several appointments, significantly expanding the team. KuCoin has faced challenges recently, including being barred from the U.S. by the Commodity Futures Trading Commission and facing regulatory issues in Dubai for operating without a proper license. Liu did not provide a specific timeline for when the Austrian regulator would permit KuCoin EU to resume European operations, indicating that discussions with the FMA are ongoing.