Plea Before Delhi High Court Seeks Regulatory Mechanism For Cryptocurrency, Probe Against 'Operational Lapses' At BitsBNS

A petition has been filed before the Delhi High Court seeking a regulatory mechanism for cryptocurrency as well as a special probe against alleged operational lapses at BitsBNS.

BitsBNS is one of the top cryptocurrency exchanges in India which allows users to trade cryptocurrencies at best competitive prices.

Justice Sachin Datta today sought response of the Reserve Bank of India (RBI) and Securities Exchange Board of India (SEBI) and listed the matter for hearing on April 04.

The plea has been filed by various users of BitsBNS. They have sought a direction on the SEBI, RBI and the Central Government to put in place a comprehensive regulatory mechanism to check on cryptocurrency and to protect the investors.

The petitioners have also sought a direction that an SIT or the Central Bureau of Investigation (CBI) be directed to register a case against BitsBNS to thoroughly investigate the allegations of financial fraud, cyberattack, fund mismanagement, and operational lapses at the platform.

The plea also sought release of the funds of platform investors and that the allegedly arbitrary restrictions on the withdrawals be lifted.

Compensation is also sought by the petitioners to those BitsBNS users who have suffered losses due to alleged mismanagement and fraudulent activities by the platform.

Title: Aditya Malhotra and Ors v. UOI