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India’s Unocoin Left with 14 Employees, Struggling to Stay Afloat

Unocoin, a leading crypto exchange in India, is struggling to stay afloat. Why? Because India has promulgated a law banning cryptocurrency-related trading in the country. So why is Unocoin sticking around? There are 14 employees left at Unocoin, after the exchange shaved off 86% of its workforce. The exchange is trying to recover its huge losses and compete in the commercial market again. Legal Action The famous Unocoin suffered this setback due to legal action taken against one of its daring moves. In the year 2018, the founder members of the firm, Harsh B, ... ﾿ Read The Full Article On CryptoCurrencyNews.com Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges. All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.
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India: Unocoin employee count reaches 14 as struggling exchange fails to secure more funds

India is one of the countries that has banned crypto-related trading within its jurisdiction and the chances of the atmosphere becoming conducive for the field seems unlikely. In the latest crypto-verse related news from the world’s largest democracy, Unocoin, a once popular exchange, revealed that they only had 14 employees left after funding talks to revitalize the company failed. The company fired 86 percent of its employees to reach the current number of 14 from a peak of almost 100 employees, recorded in February 2018. Unocoin raised almost $1.5 million from investors, including Blume Ventures, Bitcoin Capital and several others. The troubles for the exchange started last year when the firms founders Sathvik Viswanath, Harsh B, Abhinand Kaseto and Sunny Ray were arrested by a central crime branch team for failing to get permission to install a Bitcoin ATM at a mall in Bengaluru, India. During the arrest, Sathvik Viswanath had stated that it was completely legal for users to own Bitcoin in the country, He even referred to the statements made by the Indian Finance minister by saying: “The minister’s statement was clear, he stated that cryptocurrencies are not legal tender in India. He did not say ‘illegal tender’. There’s a huge difference. It means you bear the risk of your investment and there’s no regulation for the industry.” Just this month, India cleared its stance against cryptocurrency as Coindelta, another popular cryptocurrency exchange in the country was also shut down due to the surmounting pressure of India’s regulations. The abrupt shutdown happened on March 30 right after the Crypto vs RBI case was adjourned within minutes of its hearing. The issue escalated when users found out that the withdrawal fees had been increased on every single transaction. This move was compared to what Zebpay, another Indian exchange had done a few months earlier. Naif Amoodi, a Quora user, also pointed out the disparity in the new and the old prices by stating: “Bitcoin: 0.0020 BTC / Rs.600 (previously just 0.0005 BTC) Litecoin: 0.05 LTC / Rs.225 (previously just 0.002 LTC) Lumens: 28 XLM / Rs.225 (previously just 0.01 XLM) Ether: 0.03 ETH / Rs.300 XRP: 10 XRP / Rs.230 EOS: 0.8 EOS / Rs.250 NEO: 0” The post India: Unocoin employee count reaches 14 as struggling exchange fails to secure more funds appeared first on AMBCrypto.
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Indian Bitcoin Exchange Unocoin Cuts Staff by 50 Percent As Funding Talks Fail

Indian Bitcoin exchange Unocoin was reportedly forced to let go of half of its staff, this came after talks to raise a new round of funds have failed to conjure up new money for the struggling bitcoin startup. This according to a report by The Economic Times, April 16, 2019. A Tough Regulatory Environment Reportedly,Read MoreRead More. The post by Alex Lielacher appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
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Unocoin Bitcoin ATM Founder Shares Details of Arrest After Police Seized the Company’s Assets

Last week police of Indian city of Bangalore arrested the co-founders of Unocoin for illegally operating a Bitcoin ATM kiosk. One of their co-founders, Sathvik Vishwanath gave a recount of his experience to Quartz India. The arrest was mostly seen as the Indian government making an example out of a crypto entity so that other entrepreneurs stay far away from it. Not only that it is sending the public a message that running crypto operations in the country is bad enough to get you arrested. Just a week after Unocoin had installed the ATM, Harish BV, one of the co-founders was arrested. At the time Harish was at the location of the ATM to make sure that the systems were working fine before it went live. The police charged the founders for promising unrealistic returns and trying to cheat customers when they had made no such promises. Many other items belonging to the company were unjustifibly seized including computing devices, passport and cash worth $2,500. Calling The Product Bitcoin ATM Was Wrong Move Sathvik said that branding the product as ‘Bitcoin ATM’ was the wrong move. It created an impression that kiosk is similar to the bank ATMs which requires regulatory approval. However, Vishwanath said that running a device like kiosk doesn’t need any such approval. “It is just a kiosk which enables our customers to transact with us and not really an ATM that requires the banking regulator’s approval.” Since Unocoin’s machines were going to work as cash deposit or dispensers and had no association with the banking channels, they should not have been considered as ATMs by the law enforcers. He had made the same argument in a Tweet following his release. You know the story so far. From my understanding, main stream media calling crypto assets illegal & comparing our Kiosk with a bank ATM [that needs RBI perm as it is like a bank branch] was the trigger. Now that I am out,will try my best to give clarifications & move on. @Unocoin — Sathvik Vishwanath (@sathvikv) October 26, 2018 It is highly likely that if the word ATM had been skipped in their marketing efforts, the law authorities wouldn’t be as hostile as they had been. State Of Cryptocurrencies In India It is to be noted that Indian finance minister, Arun Jaitley has said that cryptocurrencies are not recognized as legal tender in India. This does not mean that it is illegal. However, the banking ban has casted doubts in the minds of ordinary people of the country. Prominent exchanges like Zebpay are fleeing the country and setting up shops in Malta to escape the toxic environment the government has created.
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Unocoin Founder Recounts His Arrest Following Indian Crackdown on Bitcoin ATMs

Just one week ago, Indian officials arrested the co-founder of an Indian cryptocurrency exchange, Unocoin, for operating a Bitcoin ATM kiosk which the police called “illegal”. One of Unocoin’s co-founders has now given a recount of his arrest in a recent interview. The Unocoin co-founder’s arrests were largely publicized and was seen by many as the Indian government’s way of flexing their muscles against the cryptocurrency industry, which they have been at war with since they first barred crypto exchanges from engaging in banking relationships earlier this year. On October 23, Harish BV, one of the co-founders, was arrested at the Kemp Fort Mall in the southern city of Bengaluru just a week after Unocoin had installed, what it has advertised as, India’s first-ever Bitcoin ATM. Harish was working on the ATM and making sure that all the systems were flawless and fully operational before it went live. Indian Government Not Wanting Exchanges to Bypass Ban Via Bitcoin ATMs The ATM was unique in that it was meant to be a fiat gateway for Indian cryptocurrency investors looking to trade cryptocurrencies, as they could deposit funds that could in turn be used to trade cryptocurrency on the Unocoin platform. Users would also be given the opportunity to withdraw funds from their account. Harish said that the operational tests and upgrades were in their final stages when police entered the mall and took him in for questioning. After questioning, they took him into custody, claiming that the ATM had violated Indian law as it lacked the required approvals. The next day, Sathvik Vishwanath, another Unocoin co-founder, was also arrested by the police. The kiosk cleverly exploited a loophole in the government’s so-called “cryptocurrency ban”, as it allowed investors to deposit and withdraw funds by removing the banking middle-man. The arrests were likely the governments way of saying that they will not tolerate exchanges utilizing any loopholes to bypass the banking relations ban. After posting bail, Vishwanath recounted the situation to Quartz India, saying: “I knew this was coming after Harish was charged. I was at home that morning, trying to figure out what needs to be done to get Harish out of police custody, when the officials came to my house. They took me for questioning and later I was also charged and sent to judicial custody.” He also noted that the police had unfoundedly accused his exchange of duping customers, saying that he had “promised 2x returns” and was “trying to cheat customers”. Vishwanath noted that his exchange has never made any such promises to their clients, and that they have never received a complaint regarding anything of the sort. The police’s cybercrime department also spoke about the arrests, saying that the exchange had not received permission from the state government to operate the kiosk, and further noted that they were operating “outside the remit of the law”. Swaroop Anand, the lawyer representing the Unocoin co-founders, spoke about why the government’s actions were not justified, saying that the mall in which the kiosk was located would have already received the necessary approval and licensing to hold a kiosk of this sort. “It is a kiosk that is being set inside the mall and the mall would have had already taken trade permissions. Therefore, there was no need for Unocoin to take any other permission and there had not been any violation of licence requirements.” It still remains to be seen whether or not the police will begin arresting other cryptocurrency exchange executives on baseless charges in an effort to censor the industry. Featured image from Shutterstock. Unocoin Founder Recounts His Arrest Following Indian Crackdown on Bitcoin ATMs was last modified: October 30th, 2018 by Cole PetersenThe post Unocoin Founder Recounts His Arrest Following Indian Crackdown on Bitcoin ATMs appeared first on NewsBTC.
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IOTA Introduces Permanode Tech For Long-Term Data-Storage

The IOTA Foundation is taking a major step towards ensuring permanency in the Tangle, announcing a “Permanode” technology called Chronicle. IOTA is designed as a protocol for the permissionless and frictionless exchange of value between machines and humans, with the Tangle acting as a distributed ledger. Using the new permanode technology, users will be able to securely store data, where it will be  “verifiable to third parties for free.”   While some data doesn’t need to be stored for years, decades, or lifetimes, certain sorts of data require greater permanence. “For example,” the IOTA blog explains, “financial data must be stored for 10 years in some cases, and identity data needs to be kept for the lifetime of the identity.”  The IOTA Foundation describes the new permanode technology as a “crucial building block” for enabling these types of use-cases. The Foundation describes Chronicle as the “official permanode solution,” enabling easy access to the Tangle’s entire history, which is stored indefinitely via the technology.  The system is described as a “distributed fault-tolerant permanode that scales out and up…”     source: IOTA Foundation   Chronicle has some unique and interesting use-cases for community members and businesses, such as offering “query as a service.” Node owners might find a new stream of revenue charging IOTA tokens to access Tangle data. Further services could be added through “Multiplex networks,” offering “microservices… that can communicate with public and private dataset(s) under different policies.”  Chronicle is due for a third-party audit to ensure it is ‘water-tight’ before it is released to the public. The IOTA Foundation invites community members to take part in the work, with grants available for “developing and expanding the notion of permanodes.”   source: CoinMarketCap   IOTA joined the altcoin surge today, enjoying a healthy bump of more than 14% in value against USD and BTC over the past 24 hours. The token has enjoyed a positive week, with over 10% growth in USD price over the past seven days.   The post IOTA Introduces Permanode Tech For Long-Term Data-Storage appeared first on Crypto Briefing.
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HUGE Altcoin Updates! Stellar, Binance US, Tomochain, Digibyte, NEO, Monero, Bitcoin Bakkt

Binance Adds BNB to Binance US https://finance.yahoo.com/news/binance-us-adding-7th-coin-102155751.html A brief history of the world of crypto. Plus, all of the latest news and updates from the Stellar Developers ecosystem https://medium.com/stellar-community/stellar-dev-digest-issue-14-ea71609a22b0 How TomoChain’s TomoZ intends to take on Ethereum market share! https://twitter.com/TomoChainANN/status/1173152916888096768 https://twitter.com/Altcoinbuzzio/status/1172575745584971777 https://www.altcoinbuzz.io/crypto-news/product-release/how-tomochains-tomoz-intends-to-take-on-ethereum-market-share/ Virtual Rehab with Virtual Reality is now solving real-world problems https://cryptodaily.co.uk/2019/09/apple-entry-blockchain-via-rumoured-vr-project https://www.zerohedge.com/news/2019-09-09/virtual-reality-now-solving-real-world-problems Celer Network and NEO Are Launching a Partnership https://www.altcoinbuzz.io/crypto-news/partnerships/celer-network-and-neo-are-launching-a-partnership/ Bitcoin #Bakkt Tweet https://twitter.com/Bakkt/status/1173683919687966720 Big! #Monero ready to use Zcoin’s Privacy protocol https://www.altcoinbuzz.io/crypto-news/product-release/big-monero-ready-to-use-zcoin-privacy-protocol/ #digibyte lists on UpHold https://twitter.com/DigiByteCoin/status/1173623829652004866 #bitcoin #cryptocurrency #altcoin #altcoins #crypto #btc $BTC #bitcoinprice #ethereum #electroneum #cardano #enjin #crypto.com #hpb #digibyte #bitcoinnews #btcnews #libra #chainlink #ripple #xrp #xrpripple #binance #bitcoinnewstoday #cryptonews #litecoin #cryptocurrencynews #news Bitcoin cryptocurrency altcoin altcoins crypto btc $BTC bitcoin price ethereum electroneum enjin crypto.com cardano digibyte bitcoin news btc libra chainlink ripple xrp ripple Binance bitcoin news today crypto news Litecoin cryptocurrency news hpb high performance blockchain $xrp $enj $etn $ltc $dgb $ada NOTE The information discussed on the Altcoin Buzz YouTube or other social media channels is not financial advice. This information is for educational, informational and entertainment purposes only. Any information and advice or investment strategies are thoughts and opinions only, relevant to accepted levels of risk tolerance of the narrator and their risk tolerance maybe different than yours. We are not responsible for your losses. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence and consult the financial advisor before acting on any information provided. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
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Celsius Network Offers up To 12% APR on USDC, TUSD, USDT and Other Stablecoins

The Celsius app offers the industry highest rates and supports six different stablecoins all eligible to earn up to 12.03% annually with interest paid out weekly Celsius Network (https://celsius.network/), the industry-leading cryptocurrency platform, announces today it has increased interest rates for stablecoin deposits to 12.03% APR. Users who choose to earn interest in Celsius Network's blockchain-based CEL token can earn up to 30% more than the 9.25% depositors who are paid in-kind on their coins. Celsius is raising its rates because it is consistently earning higher returns on its deposits and distributes 80% of its income to its depositors; as it earns more, it distributes more. Unlike other platforms, ...Full story available on Benzinga.com
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VanEck, SolidX Pull Bitcoin ETF Filing From SEC Consideration

Less than two weeks after VanEck and SolidX rolled out the VanEck SolidX Bitcoin Trust ETF (XBTC), a bitcoin exchange traded product aimed at institutional investors, the firms said they're withdrawing plans for bitcoin exchange traded fund aimed at a broader swath of investors. What Happened The ETF issuer and the fintech firm pulled the filing from consideration by the Securities and Exchange Commission on Sept. 13. The agency had delayed an ultimate decision on that product, as it has with various other bitcoin ETF proposals, several times, but was facing a hard and fast deadline of Oct. 18 to approve or disapprove the VanEck SolidX Bitcoin Trust. “Tuesday’s filing marks the second time VanEck and SolidX withdrew the proposed ETF. ...Full story available on Benzinga.com
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IOTA Introduces Chronicle Permanode to Amend Scalability Issues

IOTA, a permissionless trust protocol designed to revolutionize the Internet of Things (IoT) ecosystem by facilitating a frictionless exchange of value between machines and humans, has announced the launch of Chronicle, a permanode solution the team hopes will give node operators an unlimited amount of storage space in their Tangle distributed database, according to aRead MoreRead More. The post by Ogwu Osaemezu Emmanuel appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
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