Considering the story isn't even done yet, and T'challa has only just returned and they in the midst of the big battle, this entire story has to be set in the past before T'challa takes over the currently ongoing Avengers run, which is contemporaneous to the most current x-books, as evidenced by the Empyre crossovers. The fact that however Coates's run ends doesn't impact current canon should be indicative of its relative importance. If Coates refers to Krakoa, it must take place in the earliest phase that was largely skipped as referenced in HoX last year.