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

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Tue, 10/23/2018 - 19:11
Alex Dovbnya
Cofounder of a crypto exchange Unocoin Harish B.V. arrested. He is accused of facilitating illegal cryptocurrency trading. Harish is currently in police custody
Cover image via U.Today

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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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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