KuCoin EU Expands AML Team to Address Regulatory Concerns

The European division of cryptocurrency exchange KuCoin has bolstered its anti-money laundering and compliance capabilities in an effort to address the concerns of its regulator. This move comes after the exchange was instructed to halt its European operations due to a shortage of AML and compliance staff. KuCoin EU, which holds a MiCA license from Austria's 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 several key appointments. However, she was unable to provide a specific timeline for when the Austrian regulator would permit KuCoin EU to resume its European operations, citing the need for further discussions with the FMA.