Indian cryptocurrency exchange Mudrex, a prominent player in the digital asset space, has announced a temporary suspension of crypto withdrawals on its platform.
On 12 January 2025, the Bengaluru-based company undertook a compliance upgrade.
Alankar Saxena, Founder, CPO and CTO of Mudrex took to X and said, “We have temporarily paused crypto withdrawals on Mudrex, not permanently.”
The announcement follows a year of remarkable growth for the platform, which has seen its user base surge by 200% and monthly trading volumes hit $200 million.
However, a compliance check was required. Saxena said that the goal of suspending crypto withdrawals is to automate and streamline the verification process for quicker and more reliable withdrawals. He added that all of this will be done while maintaining the highest levels of compliance and security.
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“Crypto deposits are functioning as usual along with INR deposit and withdrawals,” Mudrex
“This step is part of our effort to upgrade the compliance suite to avoid bad actors,” said Saxena. “Our priority is to serve our investors in the best and most compliant way possible. We will be able to complete the compliance upgrade by January 28th and will resume crypto withdrawals after.”
“Mudrex has always allowed crypto deposits and withdrawals, even when many platforms in India avoided it due to the challenges involved,” he added. “We believe in giving investors the freedom to access their funds anytime and in any manner.”
However, he clarifies that Indian Rupee (INR) withdrawals are not affected, and all funds are completely safe. Furthermore, he warned against misinformation being spread.
“We believe in the core principles of crypto and are dedicated to working with the community to push the crypto tech revolution forward,” said Saxena.
We have temporarily paused crypto withdrawals on @officialmudrex, not permanently. This step is part of our effort to upgrade the compliance suite to avoid bad actors. Our priority is to serve our investors in the best and most compliant way possible. We will be able to complete…
— Alankar Saxena (@alankar_saxena) January 12, 2025
Navigating India’s Regulatory Landscape
In 2024 alone, Mudrex reported a staggering 200% increase in its user base. Moreover, monthly trading volumes soared to $200 million. This reflects growing interest in crypto investments among Indian users despite regulatory uncertainties in the sector.
Also, the company achieved $2.2 million in revenue last year with a team of 93 employees. This rapid expansion highlights both the opportunities and challenges faced by crypto exchanges operating in India’s dynamic regulatory environment.
India’s cryptocurrency market has been marked by significant regulatory hurdles in recent years. Many platforms opted to limit or entirely avoid offering crypto services due to ambiguities in government policies.
In a somewhat similar incident, the Indian government blocked access to the popular cryptocurrency exchange Gate.io on 10 December 2024. A message displayed on the website said, “The website has been blocked as per order of the Ministry of Electronics and Information Technology under IT Act, 2000.”
Users were left shocked, with many unable to access their funds or carry out any transactions. Moreover, customers reported receiving error messages on the website saying that they were “attempting to access our services from a restricted location where Gate.io is unable to provide services.”
Explore: Gate.io Banned In India, Users Unable To Access Funds
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