Austria's FMA bans Kucoin EU over anti-money laundering, compliance staff shortfalls

Austria's financial regulator, the FMA, has prohibited KuCoin EU from onboarding new customers or concluding new business relationships due to the loss of key compliance personnel. Specifically, KuCoin EU is missing essential function holders for anti-money laundering (AML), prevention of terrorist financing, and sanctions compliance, including officers and their deputies. The FMA stated that effective staffing of these key functions is mandatory for orderly business conduct under the Markets in Crypto Assets (MiCA) regulation. This action comes just months after KuCoin EU received its MiCA permit. KuCoin responded by stating they are expanding their compliance team in Austria with experienced local professionals to reinforce a compliance-first operating model, acknowledging the need to meet European regulators' expectations.

(Source：CoinDesk)