NEW DELHI: The Delhi High Court on Thursday sought responses from the Centre, the Reserve Bank of India, and the Securities and Exchange Board of India regarding a petition that raises serious concerns about a financial crisis allegedly impacting users of the BitBNS crypto currency exchange platform.
The petition, filed by 16 users of BitBNS, has called for a thorough investigation by a Special Investigation Team (SIT) or the Central Bureau of Investigation into the alleged mismanagement and concealment of a cyber attack on the platform.
BitBNS, an Indian crypto exchange, recently came under scrutiny after customers complained about their inability to withdraw funds. The petitioners argue that the crisis underscores the urgent need for stricter regulations for crypto currency and virtual digital assets (VDA) in India.
“The absence of such regulations leaves users vulnerable to fraud and financial losses,” the petitioners said.