KuCoin EU Expands Anti-Money Laundering Team to Address Regulatory Concerns

In a move to address regulatory requirements, KuCoin EU, the European subsidiary of the global cryptocurrency exchange, has bolstered its anti-money laundering capabilities by hiring seasoned professionals. This development comes after the Austrian Financial Market Authority (FMA) directed the exchange to halt its European operations owing to a shortage of staff in AML and compliance roles. KuCoin EU, which holds a Markets in Crypto Assets (MiCA) license from the FMA, has appointed Carmen Kleinhans as its Anti-Money Laundering Officer, in addition to expanding its AML function. The company has also brought on board 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 emphasized the exchange's commitment to strengthening its compliance team, highlighting several new appointments. KuCoin has faced challenges recently, including being barred from the U.S. following a Commodity Futures Trading Commission order and facing regulatory issues in Dubai for operating without a license. Liu did not provide a specific timeline for when the FMA might allow KuCoin EU to resume European operations, citing the need for ongoing discussions with the regulator.