KuCoin EU Boosts AML Team to Address Austrian Regulatory Concerns

In an effort to address regulatory concerns, KuCoin EU, the European division of the global cryptocurrency exchange, has enhanced its anti-money laundering and compliance capabilities. This move follows the exchange being ordered to halt EU operations by Austria's Financial Market Authority (FMA) due to a shortage of AML and compliance staff. KuCoin EU, which holds a 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 experienced 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 communication with the FMA since the regulatory action in February. Liu stated that the exchange has been working to strengthen its compliance team, making several key appointments. KuCoin has faced recent challenges, including being barred from the US by the CFTC and receiving a penalty from Dubai's VARA regulator for operating without a license. Liu did not provide a specific timeline for when the FMA would allow KuCoin EU to resume EU operations, citing the need for further discussions with the regulator.