The Indian cryptocurrency platform Mudrex has momentarily paused cryptocurrency withdrawals, which has sparked criticism from the digital currency community.
On January 11th, the Mudrex platform temporarily halted cryptocurrency withdrawals, causing confusion among its users due to the sudden move.
Instead, the company informed CryptoMoon that the halt is merely a temporary measure, persisting until January 28th. The intention behind this pause is to enhance the platform’s compliance infrastructure, thereby preventing potential abuse by unscrupulous individuals.
Regarding the curiosity about halting operations temporarily for a compliance update, Edul Patel, the co-founder and CEO of Mudrex, explained:
When asked why they were stopping operations for a compliance overhaul, Edul Patel, the co-founder and chief executive officer of Mudrex, provided an explanation.
“You need to do that with something as critical as crypto. If the infrastructure is not correct, it is very easy for it to be misused for nefarious activities. As a responsible platform, we need to make sure that our systems are in place and we are improving the services at all points in time”
Notably, Mudrex is one of the few crypto exchanges in India that allow crypto withdrawals.
Community backlash
The matter began gaining attention following a cryptocurrency trader named Vivian Live’s post on X, advising Mudrex users to promptly move their funds out of the platform.
In the post, Vivan wrote:
“Congratulations! Mudrex disables Crypto Withdrawals! Don’t tell me I didn’t tell you! If you haven’t taken your money out yet, convert it into INR – withdraw into your bank and run!”
A user named Aakash Athawasya voiced doubts regarding the true intentions of the exchange, implying that Mudrex may not have provided crypto withdrawal services initially and alleging that it offers price exposure instead of actual ownership. He stated he would avoid Mudrex altogether.
As a researcher, I’m thrilled to share that my platform, Mudrex, has experienced an extraordinary growth over the past year. Our user base has doubled, reaching an impressive 3 million active users. Moreover, the trading volume in December saw a staggering 20-fold increase, culminating in a whopping $200 million in trades.
Due to growing regulatory oversight, India is experiencing a tightening of operations for platforms like Bybit. In a recent announcement, Bybit stated that they will limit their services, including cryptocurrency trading, account registration, and order placement, starting January 12. They attribute this decision to the ongoing changes in regulatory conditions as the cause for their temporary exit from the Indian market.
CoinDCX introduces crypto withdrawals
Indian cryptocurrency exchange CoinDCX has launched crypto withdrawal functionality for its users.
On January 6th, Sumit Gupta, CEO of CoinDCX, shared via X that the initial stage of deployment will provide service to approximately 1.5 million users, with aspirations for further growth in upcoming stages.
If you choose crypto withdrawals, you’ll need to permanently stop using the INR deposit feature, but it’s important to note that INR withdrawals will still be possible.
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2025-01-12 16:50