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Cofounder of Company Behind India’s First Cryptocurrency ATM Gets Arrested

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Tue, 23/10/2018 - 19:11
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Cofounder of Company Behind India’s First Cryptocurrency ATM Gets Arrested
Cover image via U.Today
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Cofounder of a crypto exchange Unocoin Harish B.V. has been arrested by local authorities. He is accused of facilitating illegal cryptocurrency trading. According to a local media outlet The Hindu, Harish is currently in police custody.  

At Uncoion, Harish served as chief financial officer (CFO). After the raid, the police confiscated his laptops, mobile phones and 170,000 Indian Rupee (about $2,316).      

Unocoin made a substantial amount of buzz last week after installing India’s first cryptocurrency ATM despite the ongoing crackdown on virtual currencies in the country. Despite the RBI ban, Unocoin claims to legally circumvent it since these ATMs are not related to the country’s banking system.

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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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