KuCoin EU Hires Compliance Staff Following Austrian Regulator's Order to Halt Operations

The European arm of cryptocurrency exchange KuCoin has hired new compliance personnel following a regulator's order to halt operations in the region. KuCoin EU appointed Carmen Kleinhans as anti-money laundering officer, the company announced in a press release.

The exchange also hired Stephan Klinger and Bernd Träxler as deputy anti-money laundering officers. These hires aim to address a shortfall in anti-money laundering and compliance staff identified by an Austrian regulator.

February, the Austrian regulator ordered KuCoin EU to halt business in the EU due to insufficient staffing in compliance areas. KuCoin EU holds a Markets in Crypto Assets license from the regulator. Sabina Liu, managing director of KuCoin EU, stated in an interview that the company has communicated fully with the regulator since the action.

Liu added that the regulator has been transparent and supportive. She noted that the exchange has strengthened its compliance team with multiple appointments since February, resulting in a larger team.

Regulatory Challenges KuCoin has faced additional regulatory issues recently. The exchange was barred from the U.S. following an order from the Commodity Futures Trading Commission. It also received penalties from a Dubai regulator for operating without the appropriate license.

Liu did not provide a timeline for when the Austrian regulator might allow KuCoin EU to resume operations in Europe. She said further discussions with the regulator are needed.