Unocoin, india's leading and forefront crypto exchange recently installed an crypto kiosk in Bengaluru’s Kempfort Mall which finally has been confiscated by the Cyber Crime Police also arrested the company's co-founder Harish BN.
It is said since there is no crypto guidelines and regulations in india yet still Unocoin dared to step forward providing Crypto Kiosk without any permission from the authorities.
In a statement the Central Crime Branch stated, “The ATM kiosk installed by Unocoin in Bengaluru's Kempfort Mall has not taken any permission from the state government and is dealing in cryptocurrency outside the remit of the law."
Soon after the kiosk was installed Indian crypto community was super excited to hear the news but after the arrest of co-founder and seizer of crypto kiosk along with the materials which included laptops, mobile, credit cards, passport, company seals, debit cards, and cryptocurrency device. Unocoin's Co-founder Harish was produced in the 1st ACMM Court in Bengaluru before he was taken into police custody.
The news is being observed as the negative impact for Indian crypto community.