Mudrex pauses crypto withdrawals until 28 January

The decision has drawn criticism from users, with concerns over transparency and speculation about true ownership of cryptocurrencies offered by Mudrex.

 Money, Coin, Plate

Indian cryptocurrency exchange Mudrex has temporarily suspended crypto withdrawals, prompting a backlash from its users. The move, announced on 11 January is set to last until 28 January as the platform undergoes a compliance framework upgrade. According to co-founder and CEO Edul Patel, the suspension is necessary to prevent misuse by bad actors, with Patel emphasising the importance of a secure infrastructure in the crypto space.

Mudrex, one of the few Indian exchanges to allow crypto withdrawals, has faced criticism from the community. Trader Vivan Live urged users to withdraw their funds immediately, suggesting the platform’s motives were dubious. Another user, Aakash Athawasya, claimed that Mudrex never truly offered crypto withdrawals, accusing the platform of offering “price exposure” instead of ownership. Despite the criticism, Mudrex reported a significant surge in its user base and trading volume in recent months.

Meanwhile, India’s regulatory environment continues to impact exchanges, with Bybit announcing a temporary suspension of its services in the country due to evolving regulations. On a more positive note, CoinDCX, another Indian exchange, has launched crypto withdrawals, allowing users to withdraw crypto in exchange for disabling Indian rupee deposits.