KuCoin EU Expands Anti-Money Laundering Team to Comply with Austrian Regulations

In an effort to meet regulatory requirements, 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 instructed by Austria's Financial Market Authority (FMA) to halt its European operations due to a shortage of AML and compliance staff. KuCoin EU, which holds a Markets in Crypto Assets (MiCA) license from the FMA, has appointed Carmen Kleinhans as its new anti-money laundering officer, while also expanding its AML function. 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 stated that the exchange has been actively strengthening its compliance team, making numerous appointments to ensure a robust and transparent operation. However, the exchange has faced challenges recently, including being barred from the US by the Commodity Futures Trading Commission and facing regulatory issues in Dubai. Liu was unable to provide a specific timeline for when the Austrian regulator would permit KuCoin EU to resume European operations, emphasizing that discussions with the FMA are ongoing.