JAIPUR, India, November 2, 2026 — Unocoin at Bitmela brought renewed attention to India's landmark cryptocurrency banking verdict as the exchange participated as a festival partner in Jaipur. Founded in 2013, Unocoin joined the two-day festival held on October 30–31 at InterContinental Jaipur, where co-founder and COO Harish BV discussed the Supreme Court's 2020 decision overturning the Reserve Bank of India's restrictions on banking services for cryptocurrency businesses.
Co-founder and COO Harish BV took part in one of the most India-focused sessions of the festival, “The Verdict That Made Crypto Banking Legal,” on the Cake Stage on the second day.
Back to the 2020 ruling
The 30-minute session returned to the Supreme Court’s March 2020 decision. Harish BV shared the stage with Vaibhav Parikh, a founding member of Nishith Desai Associates, and Suril Desai, a lawyer at the firm. Santosh Vadivelu of Student of Bitcoin moderated.
The firm represented the Internet and Mobile Association of India in the case, according to MediaNama. The same report said Unocoin co-founder Sathvik Vishwanath credited Harish as instrumental in the case. Harish argued that the circular violated his rights as an individual by restricting his access to a bank account.
Why the verdict still matters
On April 6, 2018, the Reserve Bank of India issued a circular that barred the entities it regulates, including banks, from dealing with crypto businesses. Exchanges lost access to banking. On March 4, 2020, the Supreme Court set the circular aside, holding that the measure was not proportionate.
For Unocoin, it ended what YourStory described as a 22-month battle and allowed the company to offer bank deposits and withdrawals again.
Six years on, having people who lived through the case in the same room gave a festival audience a rare first-hand account of how India’s crypto rules took shape.
Building since 2013
Unocoin was founded in Bengaluru in 2013 by Sathvik Vishwanath, Harish BV, Abhinand Kaseti and Sunny Ray, who met at Bitcoin meetups. The aim was simple: make it easier for Indians to buy and sell Bitcoin. Bitmela’s speaker profile describes it as India’s first bitcoin exchange.
Investors over the years have included Digital Currency Group and Draper Associates, which led a $3.5 million Series A in 2020.
What Unocoin offers today
Unocoin says it serves more than two million users and offers 100+ crypto assets, including Bitcoin and Ether. Its products include Instant Buy & Sell, Spot and Futures trading, Crypto Basket and a Systematic Buying Plan for people who prefer to buy gradually.
At Bitmela, it joined partners including title sponsor Cake Wallet, Bitshala, Foundation, Trezor Academy, Coconut Wallet and Bitasha.
Crypto products are unregulated and can be highly risky, and there may be no regulatory recourse for losses. This release is for information only and is not legal or financial advice.
About Unocoin
Unocoin is an Indian crypto exchange serving customers since 2013, offering buying, selling and trading across Bitcoin, Ether and other crypto assets. Learn more at unocoin.com.
About Bitmela
Bitmela is a two-day festival on the future of money, combining talks, workshops and a traditional Indian mela. Its first edition took place in Jaipur on October 30 and 31, 2026. Learn more at thebitmela.com.
About Bitnxt
Bitnxt is a crypto B2B directory, media and discovery platform, and a media partner of Bitmela. Learn more at bitnxt.io.
