Kraken Faces Rising Law Enforcement Requests While Planning India Reentry

Kraken reports a 38.6% rise in law enforcement data requests, balancing compliance and privacy while strategizing its return to the Indian market after a regulatory ban.

Cryptocurrency exchange Kraken has experienced a sharp increase in law enforcement data requests, highlighting the growing regulatory scrutiny on digital assets. According to its latest transparency report, Kraken received 6,826 requests in 2024, marking a 38.6% increase compared to the previous year.

US Leads in Requests
The United States accounted for the largest share of requests, with 1,951 submissions making up 28.6% of the total. Germany and the United Kingdom followed, contributing over 15% and 10% of the requests, respectively.

Most US inquiries originated from law enforcement agencies, with the FBI leading at 614 requests, followed by the US Immigration and Customs Enforcement (ICE) at 218. The Securities and Exchange Commission (SEC) made up just 1.9% of US requests but accounted for 37.3% of regulatory inquiries.

Kraken disclosed that these requests sought data on 10,369 accounts, mainly linked to users from the US (34.5%), the UK (8.8%), and Germany (8.5%). Despite the rise in requests, Kraken emphasized that it only complies when legally required, maintaining its stance on protecting user privacy while meeting regulatory obligations.

Kraken Eyes India Return
In a parallel development, Kraken is actively working on reentering the Indian market after being blacklisted in 2024 for non-compliance with India’s Anti-Money Laundering and Counter Financing of Terrorism (AML-CFT) laws.

The Economic Times reports that Kraken has enlisted Vishesh Khurana, co-founder of Shiprocket and managing partner at Tribe Capital India, as an advisor to oversee its reentry strategy. Additionally, Kraken’s co-CEO, Arjun Sethi, is expected to play a pivotal role in the company’s resurgence in India.

Kraken was among nine offshore exchanges, including Binance, that were blacklisted by India’s Financial Intelligence Unit (FIU). However, Binance has since resumed operations after registering with the FIU and complying with local tax regulations. Kraken is expected to follow suit to regain access to the Indian market.

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