The European arm of global cryptocurrency exchange KuCoin has hired anti-money laundering (AML) and compliance expertise in a bid to appease its regulator, which recently demanded the exchange cease business in Europe due to staff shortages.
KuCoin EU, which holds a Markets in Crypto Assets (MiCA) license from Austria’s FMA, appointed Carmen Kleinhans as Anti-Money Laundering Officer (AMLO), alongside the expansion of its broader AML function, the company said in a press release on Wednesday.
The exchange also hired Austrian compliance veterans Stephan Klinger and Bernd Träxler as deputy anti-money laundering officers.
KuCoin EU CEO Sabina Liu said the exchange had “communicated fully” with the FMA when the action took place in February.
“We always maintain a very transparent, open dialogue with them, and vice versa as well. They have been very honest, transparent and very supportive to us,” Liu said in an interview. “Since February, we’ve been looking to strengthen the entire compliance team with many deals. So it’s a pretty big team now.”
KuCoin has had a rough ride of late, after being banned from the US following a Commodity Futures Trading Commission (CFTC) order and slapped by Dubai’s VARA regulator for operating without the relevant license.
Liu was unable to provide a timeline for when the Austrian regulator would allow KUCoin EU to resume operations in Europe. “I think everything needs to be discussed with the FMA,” she said.
