Indian Police Seizes Unocoin Exchange Crypto ATM

October 26, 2018

Police of the city of Bangalore, India, has seized an ATM for digital currencies after the Unocoin exchange had set it some days before.

Co-founder and technical director of the exchange Harish BV was arrested October 23 as he was using the ATM set in one of the shopping malls earlier on October 14.

The exchange named Unocoin is one the few digital platforms in India that continues operating regardless of the restrictions imposed by the Reserve Bank of India this year.

Local banks have ceased providing services for digital exchanges but Unocoin has set up an ATM which allowed investors making deposits to their accounts. The organization planned to do the same in Mumbai and Delhi.

Police think however that the exchange is not allowed to do so due to lack of corresponding permission.

Sathvik Viswanat, co-founder and CEO of the company, has voiced his discontent with the accusation. He believes investors must take responsibility for their operations while this sector is not regulated as digital currencies are not considered a legal payment means in India.

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