Unocoin founder arrested after setting up kiosk, India’s bitcoin ATM dreams crash

Police also said that the set up was illegal as it did not give any approvals as per the news reports. According to the reports, the officials seized a teller machine, two laptops, a mobile phone, three credit cards, five debit cards, a passport, five seals of Unocoin, a crypto exchange device and Rs 1.8 lakh in cash.

The authorities said that Unocoin set up the automated teller machine flouting the regulations which were laid down by the Reserve Bank of India and the physical kiosk was a peer-to-peer platform to buy and sell bitcoin.

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Unocoin has also permitted the cash transactions at the kiosk subject to the limits. The minimum deposit amount and the withdrawal amount was Rs. 1000 that too in multiples of Rs. 500.

Later, the setup at Bangalore’s Kemp Fort Mall, the machine was moved. The company also said its teller machine wasn’t operational and also alleged of the negative media reports those painted the kiosk’s operations in poor light. 

The Advocate who represents the Directors of Unocoin, Swaroop Anand said, “The matter is hitherto sub judice and hence, it is best if we refrain from commenting further. There has been some misunderstanding, as crypto-currencies are not the legal tender but it is still not illegal to transact in the same. We have always persevered to spread the right information and educate our users on the risks involved.” 

The official handle of Unocoin tweeted,

The company is also having plans of installing similar machines in Delhi and Mumbai in upcoming days.

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