San Francisco-based cryptocurrency exchange Kraken is planning a comeback in the Indian market and has appointed Shiprocket cofounder Vishesh Khurana as an advisor, according to multiple sources. One of the insiders revealed that Khurana will oversee Kraken’s operations in India.
Sources added that the company aims to initiate discussions with regulatory authorities soon to secure the necessary licenses for operating in the country.
Meanwhile, Nasdaq-listed Coinbase is also reportedly exploring a re-entry into the Indian market.
Khurana is the managing partner at venture capital firm Tribe Capital India. Notably, Tribe Capital’s founder, Arjun Sethi, is presently Kraken’s co-CEO.
“We can confirm we are looking to apply for authorisation and that Vishesh (Khurana) is serving as an advisor,” a spokesperson for Kraken said.
“We are looking to enter India officially and will build a team there,” one of the people cited above said.
Kraken and eight other cryptocurrency exchanges faced a ban in India in early 2024 due to non-compliance with the country’s anti-money laundering regulations.
Crypto exchanges must operate in India according to the Prevention of Money Laundering Act (PMLA). This includes registering with the Financial Intelligence Unit (FIU), following know-your-customer (KYC) guidelines, and reporting suspicious transactions.
Kraken’s decision to re-enter the Indian market comes amid a surge in major cryptocurrency prices, with Bitcoin trading near record highs. On Wednesday, Bitcoin’s valuation was over $96,000, according to CoinMarketCap.
On the same day, Kraken ranked as the world’s seventh-largest cryptocurrency exchange based on 24-hour trading volume, per CoinMarketCap data. Binance held the top position, followed by Bybit and Coinbase.
In 2024, Kraken generated $1.5 billion in revenue—more than double the $671 million it earned in 2023, a year when market conditions were relatively subdued, co-CEO Arjun Sethi disclosed in a blog post on January 31.
“During the year, clients entrusted us with $42.8 billion in assets on the platform and 2.5 million funded accounts. Total trading volumes in 2024 reached $665 billion, and our average revenue per customer is now well over $2,000 – far surpassing any comparable stat we’ve seen from traditional or crypto exchanges,” Sethi wrote.
“Today, with increasing regulatory clarity and industry tailwinds – not just in the US, but globally – we’re positioning ourselves for even greater acceleration,” he added.
