One week after Indian cryptocurrency exchange Unocoin announced the launch of its ATM, local police have reportedly seized the machine and arrested two founders of the company, including the CEO. Police say the machine was set up without approvals.
Several Items Seized
Indian police have seized a recently-installed kiosk operated by Bengaluru-based cryptocurrency exchange Unocoin, the Times of India reported on Wednesday.
The kiosk was reportedly located at Kemp Fort Mall on Old Airport Road in Bengaluru. It was launched on Oct. 15 as an automated teller machine (ATM). According to the police, the machine is “illegal as it had been set up without approvals,” the news outlet detailed, elaborating: