Crypto exchange Unocoin to challenge RBI over access to banking services

Move follows Ahmedabad-based CoinRecoil's writ petition in Delhi HC challenging the RBI notification barring banks from extending services to crypto exchanges

Bengaluru-based Unocoin, one of the largest crypto currency exchanges in India, is considering challenging the Reserve Bank of India’s notification asking banks and other regulated entities to disassociate with crypto currency service providers, including exchanges. Unocoin is a multi-crypto currency exchange.

RBI had issued the notification on 6 April. Unocoin spokesperson declined to comment on the kind of action it planned to take, but two industry officials said on the condition of anonymity that the exchange will soon file a writ petition in the High Court challenging RBI’s notification, claiming that it violates the fundamental right to practice any profession,