2 November 2024
Kraken Exchange To Re enter In India As Crypto Ban Lifts
A US-based cryptocurrency exchange, Kraken has announced relaunching its crypto services into the Indian market.
The decision was taken after the Supreme court of India removed the banking ban for cryptocurrencies. Kraken stated that following the Supreme court ruling, they will increase their services.
Back in 2018, Kraken’s services were limited in India due to the ruling issued by the Reserve Bank of India (RBI) that prohibited banks from opening accounts for crypto businesses. After hearing the RBI’s ban was overturned, Kraken was thrilled and assured that it will level up the operations with new features and offerings.
Sunny Ray, the Kraken’s head of Global Business Development, said that the crypto future is bright in India and the platform will be present through every phase.
He stated, “This is an incredibly emotional moment for India. Satoshi found Bitcoin because he understands that central banks are inefficient. The fact that the crypto industry just battled, and won, against the central bank located in the second-most populous country in the world is a massive achievement. We fought for 1.5 billion people to have the right to access crypto.”
At the same time, RBI is planning to appeal the Supreme Court ruling on crypto, as they are concerned regarding the risks that are associated with cryptos.
Many crypto exchanges are returning to India after following the supreme court’s ruling on cryptocurrencies. One of the exchanges, Zebpay has announced its return to India.
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