KuCoin EU Bolsters Anti-Money Laundering Team to Address Austrian Regulatory Concerns

In an effort to satisfy the demands of its regulator, the European division of the global cryptocurrency exchange KuCoin has expanded its anti-money laundering and compliance capabilities. This move comes after the exchange was instructed to halt its European operations due to a lack of staffing in these areas. 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, while also expanding 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 and transparent communication with the regulator since the action was taken in February. Liu stated that the exchange has been actively strengthening its compliance team, resulting in a significantly larger team. However, KuCoin has faced recent challenges, including being barred from the U.S. following a Commodity Futures Trading Commission order and facing regulatory issues in Dubai. Liu 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 ongoing discussions with the FMA.