Mudrex, a well-known crypto exchange in India is temporarily suspending its crypto withdrawals until January 28, 2025. This suspension is to upgrade its compliance system and prevent misuse by bad actors as informed by the founder of Mudrex, Alankar Saxena.
Reason Behind the Suspension
The founder emphasized more on the fact that this arrangement is temporary and aims to enhance the platform’s security and compliance standard. He also pointed out that the INR (Indian Rupee) withdrawals will remain unaffected and that all funds are secure. He added, “We believe in giving investors the freedom to access their funds anytime and in any manner.”
Mudrex’s Commitment to Compliance and Security
Mudrex has been one those Indian platforms that is allowing crypto deposits and withdrawals, even though there are regulatory challenges. The decision to pause crypto withdrawals is a part of a proactive approach to strengthen the platform’s infrastructure. This step will make sure that the platform remains a trusted place for the investors.
Edul Patel, CEO of Mudrex, highlighted the that inadequate systems can be easily exploited and can cause damage to the platform and its users, implying the importance of the upgradation of the infrastructure.
The platform has been doing great as it has experienced a growth of 200% in its user base and has seen a surge of monthly trading volumes to $200 million.
Despite the temporary suspension, Mudrex is committed to continue supporting crypto transactions and the company has also asked its users to rely on the official communications only for any further updates.
Other Recent Suspension
Regarding the suspension, it appears that Mudrex’s temporary halt on crypto withdrawals is similar to Bybit’s recent suspension of withdrawals due to regulatory and compliance issues in India. However, the specific reasons and circumstances could be different for both the platforms.
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