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Unocoin’s Bangalore “ATM” kiosk didn’t need a license or approval, it says

"Since this is a private kiosk, there isn’t any need for procuring any license or an approval of any sort from authorities," Unocoin said in a blog post, published almost a month after CFO Harish BV was arrested (now released) for running an unauthorized "ATM" kiosk.  Kiosk not ATM, not connected to banking networks According to the post, the kiosk was not an ATM. It was installed with the "primary motive" of allowing Unocoin customers to withdraw or deposit money to their Unocoin accounts "subject to all rules governing cash transactions." This money could further be used to buy and sell cryptocurrencies on Unocoin. "However, truth be told, the kiosk was initially branded as an “ATM” — which was our unintended, genuine and a rather grave mistake as this led to confusion amongst general public including media. Though we rebranded it immediately as Kiosk, it…

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