Bitfinex, KuCoin and Kraken Got Interested In the Indian Cryptocurrency Market
A cryptocurrency trading platform owned and operated by iFinex Inc, Bitfinex, as well as the American cryptocurrency exchange Kraken and the Hong Kong exchange KuCoin are exploring the possibility of entering the Indian market.
According to Reuters, citing sources, one of the three exchanges is already negotiating a takeover with a local firm. But details were not disclosed.
“These companies have already begun the negotiations to understand the Indian market and the entry points better,” said a spokesman for an unnamed firm.
The other two companies, according to the same source, are also considering entering the Indian market. So far, they have not decided whether to create subsidiaries or take over local firms.
At the moment, none of the three exchanges have officially commented on this information.
Interestingly, despite the claims of Canadian regulators against KuCoin in violation of the securities law, the exchange continues to develop globally.
Since the representatives of the exchange ignored the requirements of the regulator, the Ontario Securities Commission (OSC) now intends to fine KuCoin $ 1 million through the court. In addition, the regulator intends to achieve the withdrawal of funds of the crypto exchange that were received from the citizens of Canada.
KuCoin did not officially comment on the OSC’s allegations.
News of the potential entry of cryptocurrency exchanges into the Indian market emerged after the country’s central bank prohibited local banks from refusing to provide banking services to representatives of the crypto industry.