The Delhi High Court has reportedly sought responses from the Centre, the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) pertaining to a petition flagging serious concerns about a financial crisis allegedly impacting users of BitBNS cryptocurrency exchange👇

BitNS has recently faced scrutiny after users reported of frozen withdrawals, prompting a plea for stringent cryptocurrency regulation and a probe into the exchange’s operations.

At least 16 users filed the petition alleging that the platform was engaged in mismanagement and concealing a cyberattack that took place in February 2022.

This breach reportedly led to the illicit transfer of user funds abroad, intensifying the call for accountable governance within the cryptocurrency sphere.

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