Indian Crypto Exchange Mudrex Halts Withdrawals

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Indian crypto exchange Mudrex has temporarily suspended crypto withdrawals until January 28th, 2025, causing significant concern among its user base.

This abrupt decision, announced on January 11th, has left many users confused and apprehensive.

Mudrex explained that the suspension is a necessary step in upgrading the platform’s compliance framework to prevent misuse by malicious actors. Edul Patel, co-founder and CEO of Mudrex, emphasized the critical nature of this upgrade, stating:

“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.”

Mudrex has highlighted its consistent provision of crypto withdrawal services over the past three and a half years, differentiating itself from other Indian exchanges. However, the withdrawal suspension has sparked skepticism within the community.