Kraken is planning to re-enter the Indian market. They have appointed Vishesh Khurana, co-founder of Shiprocket, as an advisor to lead local operations.
This indicates Kraken’s commitment to working with Indian regulators and obtaining required compliance licenses.
The San Francisco-based cryptocurrency exchange and eight other platforms were banned in early 2024 for not complying with India’s anti-money laundering regulations. To restart operations, the exchange must register with the Financial Intelligence Unit (FIU) and follow the Prevention of Money Laundering Act (PMLA), which includes implementing strict know-your-customer (KYC) protocols and reporting suspicious transactions.
“We are looking to apply for authorization, and Vishesh (Khurana) is serving as an advisor.”
A Kraken spokesperson stated.
Khurana, a managing partner at Tribe Capital India, will play a role in Kraken’s expansion in India. His appointment aligns with Tribe Capital’s deeper connections to Kraken, as its founder, Arjun Sethi, is also co-CEO of Kraken. This move highlights Kraken’s commitment to strengthening its presence in the Indian market.
Kraken’s renewed push into the Indian market coincides with strong global growth for the platform. In 2024, the exchange’s revenue exceeded $1.5 billion, up from $671 million in the previous year, due to favourable market conditions. It recorded a total trading volume of $665 billion, with platform assets totalling $42.8 billion and 2.5 million funded accounts.
As regulatory clarity improves both in India and globally, Kraken sees a significant opportunity for expansion.
“We are positioning ourselves for even greater acceleration,”
Sethi wrote, highlighting the company’s optimism about future growth.
Meanwhile, Kraken is adapting to new regulatory requirements, specifically the EU’s Markets in Crypto-Assets Regulation (MiCA), by delisting five stablecoins, including Tether’s USDT. The delisting process will start on February 13, entering “reduce-only” mode for margin pairs in the EEA. New deposits will be restricted from February 27 with a “sell-only” mode, and by March 24, spot trading will cease, and all orders will be closed.
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