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Interview with Advocate by Nirvana
I think crypto currency trading is on a meteoric rise ever since the lockdown was introduced globally. People who were stranded at their homes looked to Crypto Currency trading as a faster and easier mechanism for making money sitting at home.
Now in India, until March of 2020, Crypto Currency trading was banned under a circular issued by the Reserve Bank of India which as struck down. It was thereafter that there was a sudden spark in the number of crypto currency traders and customers waiting and willing to invest their money.
Now there are all sorts of traders and brokers in the market. Some who use honest means to conduct business and others who do not.
Crypto Fraud is one of those hyper technical and sensitive modes and methods through which a user is prompted to invest their hard earned savings into digital wallets usually owned and maintained by unscrupulous players in the market who then charge hidden fees.
We have recently appeared in one such cases where according to the plaintiff a Cyprus based entity called I Q Option Ltd. has been sued by way of a representative class action suit by and on behalf of various citizens who have alleged that they were defrauded through various modes and means.
The representative suit has been filed against IQ Option Europe Ltd., IQ Option Ltd and Mr. Anton Rabinovich and seeks to block access to these websites from being operated in India. The Delhi District Court has passed an order to publish by way of advertisements in all leading newspapers calling upon other citizens who are also aggrieved to become part of the case.
This case is the first class action representative suit preferred in respect of a Crypto Currency Fraud case. Earlier parties did not know how to.enforce their rights, considering that crypto currency is a niche area and requires a certain amount of technical expertise. In India, unlike the US or UK or EU, the laws are relatively under developed to address unique problemswhich crypto currency trading usually puts forth. I think cases such as these would pave the way for better organization and accountability in the crypto currency trading sector and will effectively keep in check those entities which own and operate from different countries and try to take advantage of people by deceiving them.
Well as per the Court order, all similarly placed victims can press their claims against the Company and can become part of the case by joining hands. As law evolves, there would be different and competing remedies against unscrupulous players in the market who have resorted to Crypto Currency for nefarious purposes. I hope and pray that this case will effectively put a stop to all such activities and will also serve as a deterrent for any other brokers, exchanges or traders who are unscrupulous.
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Our agency offers personalized solution across variety of domains including but not restricted to business, finance, technology, media, crypto currency, privacy, law, politics to name a few.