Both the founder of the exchange Unocoin arrested last week for the installation of cryptomate in the commercial center of Bangalore, was released. Harish B V, was released from custody on October 27, Sathvik Vishwanath — 31 Oct. This was reported by the website Crypto-News India.
Once outside, Vishwanath commented on his arrest, stating that the police messed up cryptomath with ATM, the installation of which requires permission from the Reserve Bank of India. He promised to “clarify the situation” to the authorities and to resume work.
Co-founder of Analytics company Crypto Kanoon, at Times noticed in connection with the scandal:
The charges, which the founders of the exchange have been arrested, far-fetched. They just set the machine to Deposit/withdraw funds to help its customers, therefore no cheating, fraud and criminal conspiracy to speak of.
Times suggested that the police are influenced by the media applying cryptomath as a traditional ATM, the installation of which requires the approval of the regulator.
The bitcoin machine company Unocoin, installed in the shopping centre Mall, Kemp Fort in Bangalore, was confiscated by local police on October 23. According to Sathvik Visvanatha, the company intended to install a similar “kiosks” in Mumbai and Delhi.
Sathvik Vishwanath and Harish B V (center)