Here is what you can check about Unocoin yourself. It is registered with FIU-IND as a reporting entity under the Prevention of Money Laundering Act. It has operated since 2013, which makes it India's first Bitcoin platform. It kept running through the RBI's 2018 banking ban, and it was part of the Supreme Court case that overturned that ban in March 2020. KYC uses PAN verification and Aadhaar authentication inside the Unocoin app or website.
Here is what you have to take on Unocoin's word: it states that 95% of assets are held in cold storage with multi-signature wallets and regular security audits. There is no independent public attestation of those figures on this site. And here is what no platform in India can promise you, Unocoin included: that your money is protected the way a bank deposit is. Crypto is unregulated and can be highly risky, and there may be no regulatory recourse for any loss. So the honest answer to "is Unocoin safe" is: it is checkable, it has a long record, and your own habits still matter.
I am not neutral, so I will show my work
I co-founded Unocoin. You should read everything on this page knowing that. A co-founder telling you his company is safe is worth very little.
So I am not going to tell you that. I am going to tell you what you can verify without trusting me, flag clearly which claims are only the company's own statements, and give you the same checklist I would want you to run on any platform. If Unocoin fails your checks, use something else. That is the right outcome.
Registration: FIU-IND under the PMLA
Since 7 March 2023, every business that exchanges, transfers or holds crypto for customers in India has been a reporting entity under the PMLA. It has to register with the Financial Intelligence Unit, India, verify customers, keep records of transactions for five years, and report suspicious activity.
Unocoin is registered with FIU-IND as a reporting entity under the PMLA. Do not take my word for it. FIU-IND publishes the list of registered virtual digital asset service providers on fiuindia.gov.in. Look for Unocoin Technologies Pvt. Ltd.
And understand what that registration means. It means Unocoin has signed up to anti-money-laundering duties. It is not RBI approval, it is not a licence, and it is not a guarantee about how your assets are held. Anyone who tells you otherwise about any platform is overselling.
History: 2013, the 2018 ban, the 2020 case
A track record is one of the few things you can check that is hard to fake.
Unocoin started in December 2013, out of the Bitcoin meetups I ran in Bangalore. From the beginning our rule was that you can't run from the government, so we never tried to be offside.
That rule was tested in 2018. On 6 April that year, the RBI told banks to stop serving crypto businesses. For a platform that moves rupees in and out, that is close to fatal. We had to lay off about a hundred people just to survive. There were tears everywhere. Other companies left India. We stayed, and Unocoin was part of the case that challenged the ban in the Supreme Court.
On 4 March 2020 a three-judge bench set the RBI circular aside as disproportionate. After that, Tim Draper's firm led Unocoin's Series A, reported in October 2020. Unocoin is also backed by Barry Silbert and Blume Ventures. The full story is on our Supreme Court page.
None of that proves your coins are safe today. What it shows is a company that has been through India's worst moment for crypto and stayed inside the rules while doing it.
Custody: what Unocoin states, and what is not independently attested
This is the part I want to be most careful about.
Unocoin states that 95% of assets are held in cold storage, meaning offline, with multi-signature wallets that need more than one key to move funds, and that it runs regular security audits. Those are Unocoin's own statements. There is no independent public attestation of the cold-storage and audit figures on this site. I would rather tell you that plainly than let a percentage do more work than it should.
Why does it matter? Because India has seen what happens when custody fails. In July 2024, WazirX suffered a breach of a multisig wallet with losses of over $230 million, about 45% of user funds, and trading and withdrawals were halted. I am not comparing any company to Unocoin, and breaches can have many causes. I am saying that no platform's statements about custody should be the only thing standing between you and a loss.
Your part: 2FA, self-custody, never share an OTP
Most of the safety in Bitcoin is in your hands, whichever platform you use.
- Turn on two-factor authentication on your account.
- Never share your OTP, password, PAN, Aadhaar or seed phrase with anyone, in a chat, call or message. Real Unocoin support never asks for them.
- Download the app only from the official website or official app store listing. Fake apps copy names and logos.
- Know how to move your Bitcoin to a wallet you control. Unocoin lets you transfer to your own wallet. Practise with a small amount, so you know you can.
- Keep on any platform only what you are actively using, and think about holding the rest in self-custody once you are comfortable with seed phrases.
- Ignore anyone promising sure-shot returns, on any platform, in any group.
The self-custody and tax guide explains what moving coins to your own wallet means for your tax records.
Is Unocoin legal in India?
Buying, holding and selling Bitcoin in India is not banned. The Supreme Court set aside the RBI's banking ban in 2020. Gains are taxed at 30% plus cess, 1% TDS is deducted on sales, and platforms must register with FIU-IND. Unocoin follows the KYC rules that come with registration, including PAN verification and Aadhaar authentication. That makes it a platform operating within Indian law. It does not make crypto a regulated product. Those are different things, and you should know both.
The checklist I would run on any platform
Before you trust Unocoin, or anyone else, with your money, ask six questions. Is it on the FIU-IND list? How long has it been operating? Does it say where assets are held, and is there evidence beyond its own word? Does it deduct 1% TDS and give you proper statements for your ITR? Does anyone from the platform ever ask for your OTP, password, PAN or seed phrase? Does anyone promise sure-shot returns? A good platform passes the first four and never triggers the last two. Hold us to the same standard you hold everyone else to.
Support channels
If you have a problem, use only these official channels:
- Email: support@unocoin.com
- Phone: +91 7788978910
- Toll-free: 1800-103-2646
- Hours: Monday to Saturday, 9:30 AM to 6:30 PM IST
Anyone who contacts you first, claims to be from Unocoin and asks for your OTP or seed phrase is not from Unocoin. Hang up and report it. If you have been defrauded, call 1930, India's cyber fraud helpline, as fast as you can.
If you have read this far and want to try Unocoin, start small. You can begin with ₹10. Check everything above for yourself first.
Common questions
Is Unocoin registered in India?
Unocoin is registered with FIU-IND as a reporting entity under the PMLA. FIU-IND publishes the list of registered VDA service providers on fiuindia.gov.in, so you can check it yourself.
Is Unocoin legal in India?
Buying and selling Bitcoin is not banned in India, and Unocoin operates within Indian law: it is registered with FIU-IND as a reporting entity under the PMLA and does KYC with PAN and Aadhaar. Crypto itself remains unregulated and can be highly risky.
Where does Unocoin keep my Bitcoin?
Unocoin states that 95% of assets are held in cold storage with multi-signature wallets and regular security audits. These are Unocoin's own statements; there is no independent public attestation of them on this site.
Can I move my Bitcoin out of Unocoin?
Yes. Unocoin lets you transfer Bitcoin to your own wallet. Send a small test amount first, and never share your seed phrase with anyone.