Indian Crypto News: Kraken Exchange Is To Relaunch After 2024 Ban

Indian Crypto News: Kraken Exchange Return To The Indian Market Post-B

Indian Crypto News: Kraken Exchange Back After 2024 Ban

As per the latest Indian crypto news, Kraken is looking forward to returning to the Indian market. It intends to do so through its San Francisco headquarters.

Indian Crypto News: Kraken Is Back

2024 saw a ban on the crypto exchange in India. But now, it is starting to relaunch under Vishesh Khurana. As per the relaunch plan, Khurana has joined the exchange. He already holds two important positions. These include as a co-founder for Shiprocket and as a managing partner for Tribe Capital India remotely.

The crypto exchange Kraken will be reaching out to the Indian regulators for permits. This is to be done through a commitment to local legislative compliance. This future crypto exchange will need to comply with the PMLA rules. These refer to the Prevention of Money Laundering Act rules. For this, Kraken will also need to maintain KYC protocols. In addition to this, it will also be required to maintain a link to the Financial Intelligence Unit (FIU).

Meanwhile, Khurana will be directing Kraken’s Indian operations as the company is showing strong commitment to reintroduce its services in the region.

It’s been in the news for many reasons including when Kraken listed $MEMEFI Perps.

Kraken’s Indian Ban of 2024

Kraken’s ban in India in 2024 seems to be because it failed to meet anti-money laundering compliance standards. This is as per the proofs received. Company officials now plan to return to the market on the basis of growing regulatory transparency. It is also looking forward to improving market health.

There are several major industry players with regulatory approvals in India. This includes names like KuCoin and Binance; they are operating again in the country. 

Factors Marking Kraken’s Return To India

Coming back to Kraken, the crypto exchange is choosing the Indian market wisely. This is the entry point during a global cryptocurrency market recovery period. This may benefit the exchange in a lot of ways.    

Kraken can better position itself strategically for the forthcoming market expansion now. This is because of the currently rising Bitcoin popularity. 

In the year 2024, Kraken generated $1.5 billion in revenue. This even surpassed previous results by an entire 100 percent. Its trading volume too exceeded $665 billion.

About Kraken

Kraken is a cryptocurrency exchange that allows users to buy, sell, and trade cryptocurrencies. It's one of the oldest and largest Bitcoin exchanges in the world. 

What Kraken offers:

• Trading: Spot and futures trading for Bitcoin, Ethereum, and other digital assets

• Services: Staking, infrastructure projects, and banking

• Security: Industry-leading security standards and proof of reserves audits

• Support: 24/7 customer service

• Fees: Low fees for buy/sell orders, with trading fees depending on trading volume and currency pair

• Funding: Flexible funding options including cash, cards, and crypto

Kraken's history:

• Founded in 2011, Kraken was one of the first Bitcoin exchanges to be listed on Bloomberg Terminal

• Kraken was the first cryptocurrency company to obtain a bank charter

• Kraken has been the subject of several regulatory investigations since 2018

Kraken's app:

• Kraken offers an app for investing, trading, and managing your account

It was also in the news when it announced shutting down Kraken’s NFT marketplace to focus on news projects. 

Final Thoughts

Kraken’s return to India can be attributed to the growing crypto industry adoption in the country. Another factor motivating its return to the market is the global regulatory acceptance.

The popular crypto exchange has plans to gain digital asset market dominance in India. This is to be carried out through its current position as the world’s largest crypto exchange platforms that face increasing competition.