KuCoin EU Bolsters Anti-Money Laundering Team to Meet Austrian Regulatory Requirements

In an effort to satisfy the demands of its regulator, the European division of the global cryptocurrency exchange KuCoin has enhanced its anti-money laundering capabilities and expanded its compliance team. This move comes after the exchange was instructed to cease operations in the EU due to insufficient AML and compliance personnel. KuCoin EU, which holds a Markets in Crypto Assets license from Austria's Financial Market Authority, has appointed Carmen Kleinhans as its anti-money laundering officer and has also expanded its broader 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 regulator since the issue arose in February. Liu stated that the exchange has been actively strengthening its compliance team and has made numerous appointments, significantly expanding the team. The exchange has faced recent challenges, including being barred from the US market following a Commodity Futures Trading Commission order and facing regulatory action from Dubai's VARA for operating without a license. However, a timeline for resuming operations in Europe has not been provided, with Liu indicating that discussions with the FMA are ongoing.