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Unocoin Runs into Trouble for its Crypto ATM, ATM Seized and Co-Founder Arrested

October 24, 2018 17:10
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Unocoin Crypto ATM in Mall
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Unocoin, which set up India’s first Bitcoin ATM in Bengaluru’s Kemp Fort Mall on Old Airport Road a few days back has run into significant trouble. Police on Tuesday arrested Harish BV, from Tumakuru and co-founder of Unocoin Technologies for illegally operating the ATM kiosk.

The crime branch personnel has seized the ATM kiosk, two laptops, a mobile, three credit card, a cryptocurrency device, five seals of Unocoin and Rs 1.8 lakh cash. According to the police, the ATM kiosk is illegal and has been set up without necessary approvals.

Harish has been given seven days of police custody by the additional chief metropolitan magistrate court and the cops are likely to make more arrest on the case.

We reached out to Unocoin for a comment on the matter on which their advocate Swaroop Anand, representing directors of Unocoin responded:

“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. Our faith in the legal proceedings still stands and we are willing to cooperate with the authorities.”

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