The Austrian Financial Market Authority has taken a significant step by halting new business activities at KuCoin EU, a move that comes just months after the exchange was granted a license under the Markets in Crypto-Assets (MiCA) regulation. This decision has been made citing notable gaps in the exchange’s compliance with key Anti-Money Laundering (AML) and sanctions roles, highlighting the regulator’s commitment to ensuring stringent adherence to regulatory requirements. The action underscores the authority’s vigilance in overseeing the operations of cryptocurrency exchanges within its jurisdiction, particularly in light of the evolving regulatory landscape in the European Union. By imposing this ban, the Austrian Financial Market Authority is emphasizing the importance of robust compliance frameworks for exchanges operating within the EU, especially those that have been recently licensed under the MiCA framework. This move is likely to prompt other exchanges to scrutinize their own AML and sanctions protocols to avoid similar regulatory actions, thereby contributing to a more secure and compliant cryptocurrency market in Europe.
