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BENGALURU: Over two years after being booked for setting up a Bitcoin ATM in violation of RBI norms in a Bengaluru mall, co-founders of cryptocurrency exchange Unocoin, B V Harish and Sathvik Vishwanath, finally have something to cheer.
Unocoin said the Karnataka high court has dismissed the long-pending FIR against the firm. Unocoin had set up a kiosk in 2018 to allow customers to deposit money to or withdraw money from their Unocoin accounts. On the grounds that they had not been granted the necessary approvals for setting up the kiosk, the local police had detained Unocoin’s co-founders.
Following a Supreme Court decision, the Karnataka HC quashed the FIR registered against them by the cybercrime police. Last year, the SC in the Internet and Mobile Association of India case set aside the RBI’s April 2018 circular banning financial services companies from trading in virtual or cryptocurrency. Citing the same, Harish and Vishwanath had challenged the FIR.