- Mudrex paused crypto withdrawals until January 28 to improve security and prevent misuse.
- The decision sparked frustration among users, with some warning others to withdraw their funds.
- Stricter rules in India have caused some exchanges like Bybit to limit services, while CoinDCX started allowing crypto withdrawals with certain conditions.
Mudrex Halts Crypto Withdrawals Amid System Improvements
Mudrex, an Indian cryptocurrency exchange, recently stopped crypto withdrawals, which left many users confused and frustrated. The company announced on January 11 that the suspension would last until January 28. The reason for the pause is to improve the platform’s systems to prevent misuse by bad actors. Mudrex explained that it’s important to ensure the platform’s security when dealing with something as sensitive as cryptocurrencies. Edul Patel, the CEO of Mudrex, said it was necessary to make sure the platform is functioning properly to avoid illegal activities. Even though Mudrex has been one of the few exchanges in India that allowed crypto withdrawals over the past three and a half years, this move has caused frustration among many users.
India’s Stricter Crypto Regulations Impact Exchanges
India has been making stricter rules for cryptocurrency exchanges, which has led some platforms to stop working. For example, Bybit said on January 12 that it would reduce services like trading and account creation because of these new rules. At the same time, CoinDCX, another well known exchange, began letting users withdraw crypto on January 6. They’re allowing 1.5 million users to withdraw crypto in the first phase, with plans to expand it later. However, if users want to withdraw crypto, they’ll need to turn off their option to deposit Indian rupees (INR), although they can still withdraw INR.
Mudrex’s decision to stop withdrawals has raised questions about the challenges cryptocurrency exchanges face in India, especially with growing regulations. As Mudrex works on improving its systems, it will be interesting to see how this decision affects the platform’s reputation and user trust.
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