Why India's first crypto exchange was raided by the police

Why India's first crypto exchange was raided by the police

PT30S | Video has closed captioning.

2024-12-23T09:38:06+0800

India’s first ever cryptocurrency exchange was called BuySellBitco.in, and it was started in Ahmedabad by Mahin Gupta. The idea here was to, for the first time ever, allow Indians to buy and sell bitcoin using Indian rupees. Of course, the platform wasn’t without its drawbacks. In 2012 when Mahin Gupta launched the site, you had to physically go to a bank and make a cash deposit in order to buy bitcoin! Eventually though, in 2013, BuySellBitco.in would support online transactions like NEFT and IMPS, and towards the end of the year you could even buy Litecoin, but then in December of 2013, the police raided Mahin's office, saying that BuySellBitco.in was in violation of India’s foreign exchange regulations. At the time of the raid, according to the police, BuySellBitco.in had likely facilitated transactions worth approximately $3.2 to $4.8 million, or between ₹20 and ₹30 crore. Source: https://www.coindesk.com/markets/2013/12/27/authorities-swoop-down-on-indias-biggest-trading-platform-buysellbitcoin/ #shorts