Cryptocurrency Exchanges Team Up, Take Legal Route Against RBI Ban

Cryptocurrency Exchanges Team Up, Take Legal Route Against RBI BanCryptocurrency

With the Reserve Bank of India’s (RBI) recent sanctions that ban banks from any cryptocurrency-related payments, several crypto exchanges around the country have joined hands to get legal recourse, reports The Hindu Business Line. Four exchanges – Koinex, Coindelta, Throughbit Exchange and CoinDCX – have filed a writ petition against the RBI’s circular with the Supreme Court while two others – CoinRecoil and MoneyTrade Coin – have filed independent cases with the High Court of Delhi.

A spokesperson for one of the companies said that the case was filed under Article 32 of the Constitution of India that allows individuals to approach the apex court and seek redressal in matter relating to fundamental rights.

The apex court will hear the matter on 17 May according to Cryptokanoon, a start-up founded by lawyers regulatory analysis of cryptocurrencies.

Ahemedabad-based CoinRecoil has filed its case with the Delhi HC under Articles 14 (equal protection) and Article 19 (1)(g) that deals with freedom of trade. The exchange says that the RBI’s directive had no justification or valid reason.

The legal community is of the opinion that the RBI ban was in violation of Articles 14 and 19.