Kraken Exchange is preparing to rejoin the Indian market after being banned in 2024 for violating anti-money laundering laws.
The exchange has worked with local governments to ensure the necessary permits to resume operations. According to news reports by The Economic Times, Kraken has appointed Vishesh Khurana, co-founder of ShipRocket and managing partner of Tribe Capital India. Arjun Sethi, founder of Tribe Capital and Kraken’s Co-CEO, is expected to play a key role in shaping the strategy of the domestic exchange.
Nine offshore exchanges, including Kraken, were blacklisted by the Indian Financial Information Unit last year for violating the Anti-Money Laundering Act. To operate legally, the exchange must register with the FIU, implement customer compliance as it knows, and report suspicious transactions.
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Before resuming operations, the offshore exchange will also need to resolve its outstanding goods and services tax obligations. In addition to Kraken, Coinbase is also considering a reboot to the Indian market. FIU previously granted clearances to Binance and Kucoin, paving the way for Kraken’s potential approval.
According to CoinmarketCap Exchange rankings, Kraken is currently the seventh largest cryptocurrency exchange in the world based on 24-hour trading volume. The exchange’s $1.5 billion revenue in 2024 more than doubled its $671 million revenue in 2023.
Meanwhile, Kraken has been criticized for his partnership with Barstool Sports founder Dave Portnoy. Portnoy is connected to several Memecoin Pump-and-Dump plots. He is accused of market manipulation for issuing tokens, which have since plummeted in value, and selling them quickly.
The cryptocurrency community is questioning why Kraken continues to support him despite allegations of unethical behavior. One user of X wrote, “How long will Kraken continue to sponsor Dave Portnoy while he openly laughs through the space every day?”
read more: Coinbase CPO urges US Congress to act according to crypto regulations
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