Austria’s Regulator Slaps New Business Ban on KuCoin EU

Austria’s Financial Market Authority (FMA) has prohibited KuCoin EU Exchange from onboarding new customers or concluding new contracts due to breaches in Anti-Money Laundering (AML), counter-terrorist financing (CTF), and financial sanctions compliance. The ban stems from the recent departure of two compliance professionals overseeing AML and sanctions. KuCoin EU’s managing director, Sabina Liu, stated that the company had already begun recruiting replacements and voluntarily paused certain activities. KuCoin views the issue as contained and doesn’t anticipate long-term impact on its European strategy, emphasizing its commitment to compliance with Austrian and EEA regulations. The FMA’s action highlights the importance of maintaining robust compliance structures, even for firms recently granted MiCA licenses, and serves as a warning to other crypto asset service providers (CASPs) to prepare for MiCA authorization by the July 2026 deadline.

(Source：Cointelegraph)