The Crackon Exchange is getting ready to join the Indian market again after being banned for violating the money-laundering laws in 2024.
The exchange is working with local authorities to secure the permit required to resume operations. According to a news reporting by The Economic Times, Krakan has Appointed Vishesh Khurana, the co-founder of Shipracht and co-founder of the managing partner at Tribe Capital India, as an advisor to lead his India’s expansion efforts. Arjun Sethi, the founder of Tribe Capital and Crackon co-CEO, is expected to play an important role in shaping the exchange strategy in the country.
Nine offshore exchanges, including cracks, were blacklisted by India’s Financial Intelligence Unit last year to break the prevention of the Money Laundering Act. To legally operate, exchanges must register with the FIU, know that apply your-class compliance, and report suspicious transactions.
Before starting the operation again, offshore exchanges may also require to settle outstanding goods and service tax obligations. In addition to the crackon, the coinbase is also considering resumption in the Indian market. FIU has previously approved Benance and Kookin, which paves the way for the possible approval of the crackon.
According to Coinmarketcap Exchange, Crackon is currently the seventh largest cryptocurrency exchange based on the 24-hour trading volume. RankingIn 2024, the exchange of $ 1.5 billion of the exchange doubled from the revenue of $ 671 million 2023.
Meanwhile, Crackon is being criticized for affiliation with the founder Dave Portnoy, the founder of Bestul Sports. Portnoy has been connected to several Memcoin pump-dump plots. They have been accused of manipulating the market and later to sell tokens fell into the price.
The Cryptocurrency community has questioned why Crackon has continued his support despite allegations of immoral behavior. A user on X wrote,
