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

In a move to alleviate concerns from its regulator, the European division of the global cryptocurrency exchange KuCoin has bolstered its anti-money laundering and compliance team. This development comes after the exchange was instructed to cease operations in the EU due to insufficient AML and compliance personnel. KuCoin EU, which possesses a Markets in Crypto Assets license from Austria's Financial Market Authority, has appointed Carmen Kleinhans as its anti-money laundering officer. Additionally, the company has expanded its AML function and 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, resulting in a significant expansion of the team. However, the exchange has faced challenges recently, including being barred from the US market by the Commodity Futures Trading Commission and receiving a penalty from Dubai's VARA regulator for operating without a proper license. Liu was unable to provide a specific timeline for when the Austrian regulator would permit KuCoin EU to resume operations in Europe, emphasizing that discussions with the FMA are ongoing.