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According to news, India's first cryptocurrency ATM service kiosk was raided by the police on Tuesday and has now ceased operations.

The cryptocurrency ATM service kiosk was launched by the Unocoin exchange and opened last week, supporting cryptocurrency exchanges in 5 currencies, including BTC, XRP, ETH, BCH and LTC. On Tuesday, the exchange's co-founder and chief technology officer, Harish BV, was raided by India's Central Criminal Branch (CCB) while operating an ATM installed in a shopping mall. Apart from ATMs, police also seized items including two laptops, mobile phones, credit and debit cards, passports and rupees worth about $2,500.

On April 6, 2018, the Reserve Bank of India (RBI) issued a banking ban, stipulating that residents of the country cannot conduct digital currency transactions through bank accounts or digital wallets (that is, legal currency exchange business). The RBI also prohibits banks from providing settlement services to regulated businesses.As the country's banks stop providing financial services to cryptocurrency exchanges, more and more traders are taking other ways to trade,For example, in the way of P2P; some Indian cryptocurrency exchanges have urgently built P2P platforms to realize "legal" transactions between cryptocurrencies and the fiat currency rupee.The Unocoin exchange has launched an ATM machine, which is convenient for investors to deposit rupees directly into the account of the exchange.

The company said last week that it plans to open several more ATMs in Mumbai and Delhi.

Bengaluru police chief Alok Kumar said the exchange does not have any license from the Reserve Bank of India (RBI), Securities and Exchange Board of India (Sebi) or any other agency to conduct bitcoin transactions or install and operate cryptocurrency ATMs.According to Cinatmradar datashow, there are currently more than 3,800 cryptocurrency ATMs in more than 80 countries. Among them, there are a large number, such as Spain has at least 18 ATMs that support BCH; the Austrian capital provides 6 Bitcoin ATMs that support BCH; the Russian capital has 9 Bitcoin ATMs; Europe has about 170 Bitcoin cash ATMs.

The Telegraph informationinformation