Indian crypto exchange Mudrex explains withdrawal suspension

2025-01-13 11:43:51 Primitive Reading

From cointelegraph by Mehab Qureshi

Indian cryptocurrency exchange Mudrex has temporarily halted crypto withdrawals, triggering a wave of backlash from the crypto community.

On Jan. 11, Mudrex paused crypto withdrawals on its platform, leaving users puzzled about the abrupt decision.

The company told Cointelegraph that the suspension is temporary, lasting until Jan. 28, and is aimed at upgrading the platform’s compliance framework to prevent misuse by bad actors.

When questioned about the need to pause operations for a compliance upgrade, Edul Patel, co-founder and CEO of Mudrex, said:

“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.”

Notably, Mudrex is one of the few crypto exchanges in India that allow crypto withdrawals.

“We are the only company that has had crypto withdrawals in India for the last three and a half years now, and we continue to stick with that,” said Patel.

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