Kraken plans India relaunch after 2024 ban

Kraken Exchange is preparing to join the Indian market after being banished in 2024 for having violated anti-flowage laws.

The exchange worked with the local authorities to guarantee the required permits to use the operations. According to a report by The Economic Times, Kraken appointed Vishesh Khurana, co-founder of Shibrocket and Director of Tribe Capital India, as an advisor to direct his expansion efforts in India. Arjun Sethi, founder of Tribe Capital and Kraken Co-PDG, should play a key role in training the exchange strategy in the country.

Nine offshore scholarships, of which Kraken, were put on black list by the India financial intelligence unit last year for having broken the law on the prevention of money laundering. Operate legallyExchanges must register with the CRF, implement compliance with the customer of knowledge and report suspicious transactions.

Before restarting operations, offshore exchanges may also need settle Tax obligations of in progress goods and services. Besides Kraken, Coinbase also plans to relaunch the Indian market. The FIU previously granted an authorization to Binance and Kucoin, paving the way for the possible approval of Kraken.

Kraken is currently the seventh largest cryptocurrency exchange worldwide depending on the 24-hour trading volume, according to CoinmarketCap Exchange classification. The turnover of $ 1.5 billion in the Stock Exchange in 2024 has more than doubled its revenues of $ 671 million 2023.

Kraken, meanwhile, is criticized for his affiliation with Dave Portnoy, the founder of Barstool Sports. Portnoy was connected to several plots of pump and fumper even. He was accused of market manipulation to emit and quickly sell tokens who subsequently dropped in value.

The cryptocurrency community asked why Kraken continues to support him despite allegations of behavior contrary to ethics. A user on x wrote“How long will Kraken continue to sponsor Dave Portnoy when he makes fun of space daily?”