🌎 Kraken Re-Enters Indian Market

Kraken Exchange Set to Re-Enter Indian Market After Regulatory Approval

Kraken’s Return to India

After being banned in 2024 for violating anti-money laundering laws, Kraken exchange is preparing to re-enter the Indian market. The exchange has been working closely with local authorities to secure the necessary permits to resume operations.

New Leadership and Strategy

Kraken has appointed Vishesh Khurana, co-founder of Shiprocket and managing partner at Tribe Capital India, as an advisor to lead its India expansion efforts. Arjun Sethi, founder of Tribe Capital and Kraken’s co-CEO, is expected to play a key role in shaping the exchange’s strategy in the country.

Regulatory Requirements

To operate legally in India, exchanges must register with the Financial Intelligence Unit (FIU), implement Know-Your-Customer compliance, and report suspicious transactions. Additionally, offshore exchanges may need to settle outstanding Goods and Services Tax obligations before restarting operations.

Notably, the FIU has previously granted clearance to Binance and KuCoin, paving the way for Kraken’s possible approval. Coinbase is also considering relaunching into the Indian market.

Kraken’s Global Presence

Kraken is currently the seventh-largest cryptocurrency exchange globally, based on 24-hour trading volume. The exchange reported $1.5 billion in revenue in 2024, more than doubling its $671 million revenue in 2023.

Controversy Surrounding Dave Portnoy

Kraken has faced criticism for its affiliation with Dave Portnoy, the founder of Barstool Sports. Portnoy has been connected to several memecoin pump-and-dump plots and has been accused of market manipulation for issuing and swiftly selling tokens that subsequently plummeted in value.