Unocoin, a New Bitcoin Exchange Service Launched In India

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Unocoin, a New Bitcoin Exchange Service Launched In India
Unocoin, a New Bitcoin Exchange Service Launched In India

Unocoin, a New Bitcoin Exchange Service Launched In India

India has a new Bitcoin exchange service provider now; Unocoin has now been launched at the well-attended Global Bitcoin Conference which is India’s first. In the recently held conference in Bangalore, the country saw a wave of Bitcoin support from various sections. Currently, the Bitcoin exchange is offering a trial wherein new verified users are limited to buying/selling 10 BTC per day.

Answering to a question whether a buyer needs to register and verify himself for selling or buying Bitcoin, the company says the customer will be asked to register on Unocoin and verify his email id. The customer will also need to provide a pan card along with address proof, and a phone number for verification to take place.

PAN Card is Mandatory for Customers

The company says that post verification; customers will be able to buy/sell Bitcoins on Unocoin. In case the customer is unable to upload his PAN card and address proof images to the website, he can send them to info@unocoin.com from their registered email id along with their phone number and Unocoin will perform the verification and the customer will become a verified member upon the approval.

Unocoin has warned that if some customer does not have a PAN card, it won’t accept clients as it considers that all transactions occur between customer’s bank accounts and the company’s bank accounts, and the company needs to know who is paying it and who it is paying to and if it does not collect and verify its users, its services can be easily misused for money laundering.

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This Bitcoin exchange understands the money laundering has been a major reason behind the onslaught on it by the governments and for that reason ruling out it at nascent stage. Thus, to overcome money laundering, Unocoin need asks for PAN card which uniquely identifies customer as an individual or institution performing transactions with it.

Unocoin is Against Money Laundering

A source from Unocoin says when customers fill up their profile; their name should match the one on their PAN card for it to approve the verification request. According to Vikram Nikkam, a director of parent company Unobit Solutions Pvt. Ltd, full cooperation with financial regulations was a key point in gaining acceptance.

He also said that it is an extra special project as it is built to facilitate the value transfer of Bitcoins between individuals online in compliance with the KYC and AML policies in India. This Bitcoin exchange is making sure that its two-factor authentication and the ability to generate paper wallets with client-side JavaScript to take Bitcoin storage completely offline ensures better experience for customers.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com