🇮🇳

This Week In Crypto Asia: Kraken Eyes India Return

by

The famous KRAKEN of Crypto Exchange can prepare for possible entry to the Indian market after its ban last year.

According to local media reports dated February 20, 2025, Kaken is in discussions with India Financial Intelligence Unit (FIU) For the necessary licenses.

In 2024, the local authorities included the blacklist and banned Kraken to not comply with the anti -money laundering laws and terrorist financing (CFT).

At that time, India has banned eight encryption exchanges, including big names like Binance and Coinbase. However, after re -entry to both companies, Kraken is based in San Francisco, a similar path.

India is one of the fastest growing markets in cryptocurrencies due to its large population and the increase in the adoption of digital assets.

The report states that Fishish Khourana, co -founder of ShiProckket, is advised to re -enter India. SHIPROCICT is a $ 1.2 billion logistical company, and it is preparing to subscribe to the public subscription.

Kraken plans to use KHURANA experience in limiting business and organizational navigation in India.

Explore: India is cracking on bybit: a fine of one million dollars has been imposed, not prohibited after payment

Binance, Coinbase, bybit Reener India

Recently, the Indian Fiu has imposed a fine of 9 Indian rupees, 27 cheese (about a million dollars) on Beett to violate the law to prevent money laundering. The government announcement was issued on January 31, 2025. Bybit witnessed a temporary stop for commercial activities in India. However, the company has since been reported to complete all licensing work in India. It also paid the amount of the punishment completely.

On February 12, 2025, Coinbase said he participates with the various Indian authorities, including FIU. A company spokesman said: “Coinbase is enthusiastic about opportunities in the Indian market and intends to comply with the regulatory requirements in force.”

Binance also had to exit temporarily from India until compliance issues were sorted.

In December 2023, the authorities in India found that the company was not registered with FIU, which eventually banned the URL and applications on Android and Apple Store.

Since Binance Reclerge in India after FIU registration, the company said that the user’s confidence has grown in the company.

Indian Fiu also imposed a fine of 9 Indian rupees, and 27 cheese (about one million dollars) on homes to violate the law to prevent money laundering.

The government said: “Bybit continued to expand its services in the Indian market without securing compulsory registration with FIU,” the government said.

Explore: Coinbase Plans of the return of India after the exit in 2023

Transparency Report in Kraken: 40 % increased databases from law enforcement agencies

Kraken also revealed that it had seen a significant increase in law enforcement requests and regulatory data in the latest transparency report.

It is clear that the company received 6,826 data for law enforcement and organizational agencies in 2024. This is an increase of 3.86 % in data requests compared to the previous year,

It is worth noting that American agencies including SEC and FBI represented in 1951 out of 6826 requests – 28.6 % of the total.

Main meals

  • Work in India comes with major organizational obstacles. By appointing experienced local advisers and harmonizing its operations with Indian laws, Kraken aims to benefit from this promising but challenge.

  • He appointed Krakin Fishish Khourana as a consultant. Khurana is a co -founder of Shipropket and an administrative partner in Tribe Capital India. His experience in limiting companies within India is expected to play a pivotal role in Kraken’s efforts.

The post this week in Crypto Asia: Kraken Eyes India first appeared on 99bitcoins.

Leave a Comment