Indian Crypto News: Kraken Exchange Set to Relaunch After 2024 Ban

By / / Crypto News, Daily News
Indian Crypto News: Kraken Exchange Set to Relaunch After 2024 Ban
Table Of Contents
  1. Kraken Exchange Looks to Re-Enter India Following 2024 Ban
  2. Kraken's Re-Entry into India
  3. Why Was Kraken Suspended in India?
  4. Why is Kraken Targeting the Indian Market?
  5. Kraken's Performance in 2024
  6. What Does Kraken Offer?
  7. Last Words: What's Ahead for Kraken in India?

Kraken Exchange Looks to Re-Enter India Following 2024 Ban

Kraken, the world’s top cryptocurrency exchange, is preparing for a re-entry into the Indian market. Having been banned by the government in 2024, the exchange is now plotting its return through its San Francisco office, an important step towards India’s developing crypto space.

Kraken’s Re-Entry into India

The 2024 prohibition compelled Kraken to suspend operations in India, but the exchange is now aggressively seeking a return with Vishesh Khurana at the helm. Khurana, a Shiprocket co-founder and managing partner at Tribe Capital India, will spearhead Kraken’s expansion in the country.

In preparation for its re-launch, Kraken is negotiating with Indian regulators to ensure conformity with the domestic financial legislation. The exchange is required to conform to the Prevention of Money Laundering Act (PMLA) and adopt robust Know Your Customer (KYC) practices. Kraken is also expected to connect with the Financial Intelligence Unit (FIU) for stronger supervision.

The exchange has already been in the news by listing $MEMEFI Perpetuals, showcasing its continued attempt to connect with the global crypto community.

Why Was Kraken Suspended in India?

Kraken’s suspension in India was due to non-compliance with anti-money laundering rules. The regulatory bodies raised an alarm about the exchange for not complying with legal transparency standards, resulting in its withdrawal. With growing regulatory clarity and greater market stability, though, Kraken is making plans for a well-organized re-entry.

A number of other international exchanges, such as Binance and KuCoin, have managed to navigate Indian law and reopened their operations, leadingz the way for Kraken’s return.

Why is Kraken Targeting the Indian Market?

Kraken’s return to India is a deliberate move, reflecting the overall turnaround of the crypto market. Growing popularity of Bitcoin and increased acceptance of digital currencies make India an appealing target for crypto exchanges.

Most important drivers of Kraken’s return:

✅ Booming Crypto Adoption: India boasts one of the world’s fastest-growing crypto user bases.
✅ Regulatory Progress: Tougher regulations now offer a clearer framework for crypto companies.
✅ Market Growth Potential: India offers a huge untapped market for crypto investment and trading.

Kraken’s Performance in 2024

In spite of regulatory issues in India, Kraken experienced tremendous success worldwide:

  • Revenue: Registered $1.5 billion in 2024, a 100% rise from last year.
  • Trading Volume: Surpassed $665 billion, solidifying its position as a top global exchange.

What Does Kraken Offer?

Kraken is a well-established crypto exchange known for its:

  • Spot and Futures Trading: Buy, sell, and trade Bitcoin, Ethereum, and other digital assets.
  • Staking Services: Earn rewards by staking cryptocurrencies.
  • Security & Compliance: Industry-leading security with proof of reserves audits.
  • User-Friendly App: A seamless mobile app for trading and account management.
  • 24/7 Customer Support: Around-the-clock support for users across the globe.

Kraken was recently also in the limelight after it closed its NFT marketplace, refocusing efforts on essential trading services and future projects.

Last Words: What’s Ahead for Kraken in India?

Kraken’s return is an optimistic turn of events for India’s crypto market, indicative of rising global regulatory tolerance. Having a clear compliance roadmap and strong leadership team in place, the exchange is positioned to recapture market share.

With increasing competition between crypto platforms, Kraken’s return may set the stage for further digital asset investments and increased crypto adoption in India.

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