Kraken faces 40% surge in law enforcement data requests, eyes India return

Kraken has disclosed a important summation successful information requests from instrumentality enforcement and regulatory agencies successful 2024.

According to its latest transparency report, the speech received 6,826 requests, reflecting a 38.6% emergence from the erstwhile year.

US pb requests

Authorities successful the United States submitted the largest share, 1,951 requests, representing 28.6% of the total.

Kraken Law Enforcement Requests (Source: Kraken)

Germany and the United Kingdom followed, with requests exceeding 15% and 10%, respectively.

While US inquiries spanned aggregate authorities levels, astir came from instrumentality enforcement agencies. The FBI led with 614 requests, portion the US Immigration and Customs Enforcement (ICE) submitted 218.

Notably, the Securities and Exchange Commission (SEC) made up lone 1.9% of US bureau requests but contributed 37.3% of regulatory bureau inquiries.

Kraken Law Enforcement Requests. (Source: Kraken)

Kraken revealed that these requests sought accusation connected 10,369 accounts, chiefly linked to US, UK, and German users. Accounts from the US comprised 34.5% of the total, with the UK and Germany pursuing astatine 8.8% and 8.5%, respectively.

Despite the summation successful requests, Kraken complied with conscionable 57%. The speech emphasized that it lone provides idiosyncratic information erstwhile legally obligated, balancing regulatory compliance with privateness protection.

India re-entrance

In a parallel development, Kraken is reportedly moving toward reentering the Indian marketplace after being banned successful 2024 for non-compliance with India’s Anti-Money Laundering and Counterfinancing of Terrorism (AML-CFT) laws.

According to The Economic Times, Kraken has appointed Vishesh Khurana, co-founder of Shiprocket and managing spouse astatine Tribe Capital India, arsenic an advisor for its enlargement strategy.

The exchange’s co-CEO, Arjun Sethi, is besides expected to play a important relation successful the company’s reestablishment successful the country.

Kraken was among the 9 offshore exchanges, including Binance, that India’s Financial Intelligence Unit blacklisted. However, Binance has since resumed operations successful the Asian state aft registering with the FIU and complying with the section taxation frameworks.

The station Kraken faces 40% surge successful instrumentality enforcement information requests, eyes India return appeared archetypal connected CryptoSlate.