Oh, joy! Kraken exchange is making a comeback in India after getting the boot in 2024 for being a bit of a naughty boy 🤣. Apparently, they didn’t play by the anti-money laundering rules, but who needs rules when you’re a crypto rebel, am I right? 😜
Anyway, Kraken’s been working with the local authorities to get the necessary permits to resume operations. They’ve even appointed some fancy advisor, Vishesh Khurana, to lead the charge. And, of course, Arjun Sethi, the founder of Tribe Capital, will be there to make sure everything runs smoothly… or not 🤷♂️.
So, what happened last year, you ask? Well, nine offshore exchanges, including Kraken, got blacklisted by India’s Financial Intelligence Unit for breaking the Prevention of Money Laundering Act. Whoops! To operate legally, exchanges need to register with the FIU, implement Know-Your-Customer compliance, and report suspicious transactions. Sounds like a real party 🎉.
Before restarting operations, offshore exchanges might also need to settle some outstanding tax obligations. Because, you know, taxes are a thing 🤑. Coinbase is also thinking of relaunching in India, because why not? The FIU has already given the thumbs up to Binance and KuCoin, so maybe Kraken will get lucky too 🤞.
Kraken is currently the seventh-largest cryptocurrency exchange globally, based on 24-hour trading volume. Not bad for a naughty boy 🤪. Their revenue in 2024 was a whopping $1.5 billion, more than double their 2023 revenue. Cha-ching! 💸
But, amidst all the excitement, Kraken’s getting some heat for its affiliation with Dave Portnoy, the founder of Barstool Sports. Apparently, he’s been involved in some shady memecoin pump-and-dump plots 🤮. The crypto community is all like, “Kraken, why are you still supporting this guy?” 🤷♀️
One user on X wrote, “How long is Kraken going to keep sponsoring Dave Portnoy while he openly mocks the space on a daily basis?” 🤔 Good question, mate. Maybe Kraken’s just trying to keep things interesting 🤪.
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2025-02-20 10:26