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Indian Exchange Mudrex Pauses Crypto Withdrawals Until January 28
Cryptocurrency exchange Mudrex has recently announced that it will be temporarily halting all crypto withdrawals until January 28. In a statement, the company cited compliance upgrades for improved security and to prevent misuse by bad actors as the reason behind this decision.
This sudden move comes at a time when the cryptocurrency market is already facing intense scrutiny due to regulatory pressures from governments around the world. Despite Mudrex’s reassurances that INR withdrawals remain unaffected, crypto deposits are still functional, and all funds are completely safe and secure, the news has sparked an immediate backlash within the crypto community.
Some users have taken to online forums, advising others to remove their assets immediately by converting them into Indian Rupees (INR) in order to avoid any potential issues. One user, Vivan Live, warned that failure to do so may result in unforeseen consequences.
However, Mudrex’s founder, Alankar Saxena, has pushed back against these criticisms, emphasizing the company’s long-standing commitment to allowing users to freely access their funds. He highlighted how other exchanges have imposed restrictions on withdrawals due to regulatory and operational challenges, while Mudrex has consistently allowed its users to manage their assets with ease.
The news comes amidst a backdrop of rapid growth for the exchange, which has seen its user base surge by an astonishing 200% over the past few months. Additionally, trading volumes in December rose by a staggering 20-fold to $200 million.
It is worth noting that this decision coincides with another popular exchange, Bybit, temporarily restricting services to its Indian customers effective January 12. The latter attributed its move to recent regulatory developments and the ongoing restrictions imposed on Indian users since last year.
Source: cryptopotato.com
