Delhi High Court Questions SEBI, RBI on Cryptocurrency Oversight Amid BitBNS User Complaints

The Delhi High Court has sought a response from the Securities Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) in a case seeking a regulatory mechanism for cryptocurrency. As per a LiveLaw report, the court heard a petition from various users of the cryptocurrency exchange BitBNS about operational issues with the platform on January 9.

The petition urges the court to give out directions for a special investigation team (SIT) or the Central Bureau of Investigation (CBI) to look into the allegations of financial fraud, cyberattack, and fund mismanagement, at the platform. The petitions have asked the court to instruct the platform to release user funds, restrict arbitrary restrictions on withdrawals and provide compensation for those who suffered losses due to mismanagement at BitBNS. The court listed the petition for a hearing on April 4.

Read More