The European arm of global cryptocurrency exchange KuCoin has hired anti-money laundering (AML) and compliance experts in a bid to appease its regulator, which recently demanded that the exchange cease operations in Europe due to staff shortages.
KuCoin EU, which holds a Markets in Crypto Assets (MiCA) license from the Austrian FMA, has appointed Carmen Kleinhans as head of anti-money laundering (AMLO), alongside the expansion of its broader AML function, the company announced 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 chief executive Sabina Liu said the exchange had “fully communicated” with the FMA when the action occurred in February.
“We always have a very transparent and open dialogue with them, and vice versa as well. They have been very honest, transparent and very supportive,” Liu said in an interview. “Since February, we have been looking to strengthen the entire compliance team, making numerous appointments. So it’s quite a large team now.”
KuCoin has been on a steep rise in recent times, after being banned from entering the United States after an order from the Commodity Futures Trading Commission (CFTC) and criticized by Dubai regulator VARA for operating without the proper 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.
