A week after Unocoin installed India’s first Bitcoin ATM in Bengaluru, the Cyber Crime Police has registered a case against the exchange for setting up the ATM without permission and have also arrested the company’s co-founder.
For the first time in India, an ATM for deposit and withdrawal of money for cryptocurrencies was installed in Bengaluru’s Kemp Fort Mall by virtual currency exchange Unocoin on 15th of October.
On the occasion of the launch, Unocoin said, “Unocoin introduces its first ATM at Bangalore. These machines can be used by our KYC verified customers for deposit INR to, and withdraw INR from their Unocoin”.
The Cryptocurrency exchange also said, users can deposit money to buy currencies like Bitcoin and Ethereum using an OTP received on their registered numbers.
In order to withdraw funds, a request has to be first made on the Unocoin website.
A week after Unocoin installed India’s first Bitcoin ATM in Bengaluru, the Cyber Crime Police has registered a case against the exchange for setting up the ATM without permission and have also arrested the company’s co-founder.
The Cyber Crime Police said the kiosk was set up without mandatory approvals from the government.
Earlier, India’s Finance Minister Arun Jaitley said India does not recognise cryptocurrency as legal tender.
