Is Unocoin Safe and Legal in India? History and FIU Status
Yes. Unocoin is entry 3 on the official list of 54 FIU-registered platforms. Its 2017 hack, 2023 reserve audit, fees and what to check before you buy.
Yes, Unocoin is legal in India. Unocoin Technologies Pvt Ltd is entry 3 on the government's list of 54 crypto platforms registered with FIU-IND, tabled in the Lok Sabha on 30 March 2026, and it has served Indian buyers since 2013. It is reasonably safe for small, regular Bitcoin buying, but it lost 60.6 BTC to hackers in 2017, its last proof-of-reserves report dates from July 2023, and its fees are high, so check the costs and keep long-term coins in your own wallet.
Key takeaways
- Unocoin Technologies Pvt Ltd is No. 3 on the official list of 54 FIU-IND registered providers as of 9 March 2026, and is not on the list of 53 platforms directed for takedown.
- It is one of India's oldest crypto platforms, running since 2013 under co-founder and CEO Sathvik Vishwanath, and says it has more than 2 million users.
- Hackers stole 60.6 BTC from Unocoin in March 2017. A July 2023 proof-of-reserves report showed customer holdings of about ₹183.7 crore fully backed.
- It now offers spot trading, futures, a Systematic Buying Plan, baskets and Lightning Network transfers.
- Inactive accounts pay 0.0001 BTC a month, about ₹818 at 15:52 UTC on 3 October 2026. We score Unocoin 6.5/10, 12th of the 12 apps we rank.
Unocoin in India at a glance (3 October 2026)
| Question | Answer |
|---|---|
| Who runs it? | Unocoin Technologies Private Limited; registered office in Tumakuru, Karnataka |
| On the Lok Sabha list of 54? | Yes, entry 3, status "registered" |
| On the takedown list of 53? | No |
| Started | 2013, Bengaluru |
| Main products | Spot trading, futures, Systematic Buying Plan, crypto baskets, Earn Yield, Lightning transfers |
| Rupee withdrawals | Free to your bank account |
| Security record | 60.6 BTC stolen in March 2017 |
| Proof of reserves | One report, released July 2023 |
| TDS | Deducted on sales, as its terms describe |
| Our score | 6.5/10, rank 12 of 12 |
Is Unocoin legal in India?
Yes. Crypto is not banned in India: it is not legal tender, but it is taxed, and since a Finance Ministry notification of 7 March 2023 every platform that serves Indian users must register with FIU-IND as a reporting entity under the Prevention of Money Laundering Act. On 30 March 2026 the Minister of State for Finance answered Lok Sabha Unstarred Question No. 5805 with Annexure-I, listing the 54 VDA service providers registered as of 9 March 2026. Unocoin Technologies Pvt Ltd, trade name Unocoin, is entry 3, with no note that it has stopped operating. It does not appear in Annexure-II, the 53 offshore platforms whose apps and URLs FIU-IND directed to be taken down.
That registration is about anti-money-laundering: KYC, record keeping and reporting suspicious transactions. It is not an RBI licence, which does not exist for crypto, as we explain in our guide to the "RBI-approved" crypto exchange myth. Our FIU-registered exchanges list has the full official table.
Unocoin's history: the events that matter
Unocoin is older than every other Indian app on our list, and it has been through most of India's crypto history. These are the events a careful user should know about:
| Date | Event |
|---|---|
| 2013 | Unocoin starts selling Bitcoin to Indian users from Bengaluru. |
| March 2017 | Hackers break into its systems and take 60.6 BTC, then worth about ₹1.14 crore. Co-founder Harish BV files a police complaint in Tumakuru on 26 March 2017. A Karnataka special investigation team later arrested a hacker in the case. |
| October 2018 | Unocoin installs a Bitcoin kiosk at a Bengaluru mall. Police seize it within a week and arrest Harish BV, saying no permission had been taken. |
| 2018 to 2020 | Unocoin keeps running through the RBI's banking restriction on crypto firms, which the Supreme Court struck down on 4 March 2020. |
| Early 2021 | The Karnataka High Court quashes the criminal case over the kiosk, citing the Supreme Court's 2020 ruling. |
| March 2023 | Unocoin starts charging inactive accounts a custodial fee of 0.0001 BTC a month. |
| July 2023 | Unocoin releases a proof-of-reserves report showing customer holdings fully backed. |
| 2025 | Unocoin adds Bitcoin transfers over the Lightning Network. |
At about ₹81,78,176 per BTC at 15:52 UTC on 3 October 2026, the 60.6 BTC taken in 2017 would be worth roughly ₹49.6 crore today. We could not confirm whether any customer lost money in that theft. We found no FIU-IND penalty or blocking order against Unocoin.
Is Unocoin safe? The reserve report and custody
Unocoin is one of the few Indian exchanges that has published a proof-of-reserves report. The report it released in July 2023, prepared by an independent audit firm under the SRS 4400 standard, put customer holdings at about ₹183.7 crore, made up of about ₹176 crore in crypto and ₹7.6 crore in rupees, and said Unocoin's holdings covered them one to one. It also said about 98.85% of customer Bitcoin and 93.78% of all crypto was in cold storage.
That is a good sign, but it is a snapshot from more than three years ago, and we found no newer report. A reserve check also cannot show debts that sit off the books. Ask Unocoin for a current report if you plan to hold a large amount there.
Two lines in Unocoin's terms are worth reading before you deposit:
- Custody: the terms say Unocoin owns the wallet addresses that hold customers' crypto. You hold a claim on Unocoin, not coins in your own name.
- Liability cap: Unocoin's total liability is limited to the amount of the transactions in dispute or ₹1,00,000, whichever is lower.
Neither is unusual for an exchange, and both are reasons to move coins you will hold for years into a wallet you control. Our guide to what happens to your crypto if an exchange shuts down explains the risk.
What Unocoin offers now
| Product | What it does | What to watch |
|---|---|---|
| Spot trading | Rupee, BTC and USDT markets; Unocoin says it supports more than 100 coins | Check which coins are actually open for trading |
| Systematic Buying Plan (SBP) | Automatic daily, weekly or monthly buys of Bitcoin or Ether | Check the minimum and the fee in the app |
| Futures | Perpetual contracts with funding fees | Liquidation fees and leverage risk |
| Crypto baskets and Earn Yield | Bundles of coins and yield products | Yield products add counterparty risk |
| Lightning transfers | Fast, low-cost Bitcoin payments | Send to a Lightning-ready wallet only |
The SBP is Unocoin's best-known product; it says about 91% of SBP users choose Bitcoin. Compare it with other plans in our best crypto SIP app guide. If you are tempted by futures, read crypto futures in India: legality and tax first. Fees, coins and our hands-on notes are in the full Unocoin review.
Unocoin fees that catch people out
Unocoin's fee page charges 18% IGST on every transaction fee and gives a worked example: a 0.5% fee on a ₹10,000 purchase costs ₹50 plus ₹9 tax. Two other charges matter more for small users:
| Charge | Unocoin's rate | In rupees (BTC at ₹81,78,176, 15:52 UTC, 3 Oct 2026) |
|---|---|---|
| Custodial fee on inactive accounts | 0.0001 BTC a month, including GST | About ₹818 a month, or ₹9,814 a year |
| Sending Bitcoin to an outside address | 0.0005 to 0.0009 BTC, set by network congestion | About ₹4,089 to ₹7,360 |
| Sending to another Unocoin user | Free | ₹0 |
| Rupee withdrawal to your bank | Free | ₹0 |
If you have a forgotten Unocoin account with a small balance, the monthly custodial fee can slowly eat it. Log in, and either trade or withdraw. Check the live Bitcoin price in INR, now ₹8,096,152, to see what these BTC-based fees cost you today, and compare platforms in our lowest-fee exchange guide.
TDS and tax on Unocoin
Unocoin's terms say transactions are subject to TDS at the rate that applies to you, so it deducts the 1% TDS on your crypto sales. Under the rules introduced as Section 115BBH, gains are taxed at a flat 30% plus 4% cess, only the cost of acquisition is deductible, and losses cannot be set off or carried forward. Report every sale in Schedule VDA.
| Example: a Bitcoin SBP you sell | Amount |
|---|---|
| Total bought through 12 monthly SBP buys | ₹60,000 |
| Sold for | ₹75,000 |
| TDS deducted (1% of the sale) | ₹750 |
| Tax on the ₹15,000 gain at 31.2% | ₹4,680 |
| Left to pay after TDS credit | ₹3,930 |
Keep the purchase record for each SBP instalment, because each one has its own cost. See our crypto tax in India guide for the full rules.
What this means for you
- Using Unocoin is legal. It is an Indian company on the government's own list.
- It suits slow, regular Bitcoin buying more than active trading, because of its fees and thinner markets.
- Do not leave an account idle. The custodial fee runs every month on inactive accounts.
- Move long-term coins out, ideally in one larger withdrawal or over Lightning, so the fixed Bitcoin fee hurts less.
- Test a rupee withdrawal before you deposit a large sum. Our guide to withdrawing crypto to your bank account shows the steps.
How to check any exchange
- Find the legal company name in the terms and match it to the official list of 54 registered providers.
- Make sure it is not one of the 53 platforms directed for takedown, such as Kraken or BingX.
- Look up its security history and how it handled any hack.
- Check for a recent proof-of-reserves report and read the custody section of its terms.
- Read the full fee page, including inactivity and withdrawal fees, not just the trading fee.
- Confirm it takes your PAN and deducts 1% TDS on sales.
Unocoin and other Indian platforms
| Platform | Lok Sabha entry | Our score | Safety guide |
|---|---|---|---|
| Giottus | 5 | 8.2/10 (#2) | Is Giottus safe? |
| WazirX | 8 | 7.0/10 (#10) | Is WazirX safe? |
| Unocoin | 3 | 6.5/10 (#12) | This page |
| Bitbns | 6 | Not ranked | Is Bitbns safe? |
| Binance | 47 | 7.5/10 (#6) | Is Binance legal? |
The full ranking is in our best crypto apps in India guide.
FAQ
Is Unocoin FIU registered?
Yes. Unocoin Technologies Pvt Ltd is entry 3 on the list of 54 VDA service providers registered with FIU-IND as of 9 March 2026, tabled in the Lok Sabha on 30 March 2026.
Is Unocoin safe?
It has run since 2013 and published a reserve report in July 2023 showing customer holdings fully backed. It lost 60.6 BTC to hackers in 2017, so keep only what you need on the platform.
Is Unocoin an Indian company?
Yes. It is run by Unocoin Technologies Private Limited, with its registered office in Tumakuru, Karnataka, and was started in Bengaluru in 2013.
Was Unocoin hacked?
Yes. In March 2017 hackers took 60.6 BTC, then worth about ₹1.14 crore, and Unocoin filed a police complaint. We found no later hack.
Does Unocoin charge for inactive accounts?
Yes. Since March 2023 inactive accounts pay 0.0001 BTC a month, including GST, about ₹818 at the Bitcoin price at 15:52 UTC on 3 October 2026.
Does Unocoin deduct TDS?
Yes. Unocoin deducts TDS on crypto sales as its terms describe. You still owe 30% tax plus 4% cess on gains, reported in Schedule VDA.
This article is AI-assisted, educational and general in nature. It is not financial advice and never a guarantee of profit. Every trade is at your own risk on your own exchange. See our risk disclosure and editorial policy.
