In response to demands from Austrian regulators, KuCoin’s European division has bolstered its anti-money laundering (AML) and compliance capabilities by recruiting key personnel. Following a regulatory directive that halted operations in Europe due to insufficient staffing, KuCoin EU, which holds a Markets in Crypto Assets (MiCA) license from Austria’s FMA, announced the appointment of Carmen Kleinhans as anti-money laundering officer (AMLO). The firm is also expanding its AML efforts by bringing on Austrian compliance experts Stephan Klinger and Bernd Träxler as deputy AMLOs.
Sabina Liu, Managing Director of KuCoin EU, noted that they had maintained transparent communication with the FMA since February when the regulatory issue arose. “We always maintain a very transparent, open dialog with them,” Liu stated in an interview, emphasizing their supportive relationship. Since then, the company has significantly strengthened its compliance team.
The exchange has faced challenges recently, including being barred from U.S. operations by a Commodity Futures Trading Commission (CFTC) order and facing action from Dubai’s VARA regulator for operating without the necessary license. Liu could not provide an exact timeline for when the FMA would permit KuCoin EU to resume its European activities, indicating that discussions with the regulator are ongoing.