Sadia Ali

Mudrex Halts Crypto Withdrawals: Update on INR & Compliance

Cryptocurrency, INR, Mudrex

Mudrex
  1. Mudrex pauses crypto withdrawals temporarily, resuming after compliance upgrades by January 28.
  2. INR withdrawals and funds remain unaffected, officials confirm.
  3. Panic fueled by a viral tweet addressed by Mudrex’s co-founder Alankar Saxena.

Mudrex, a major cryptocurrency exchange in India, has temporarily stopped crypto withdrawals. It announced this move with a view to upgrading its compliance suite and providing a safer trading environment. The officials also clarified that the INR withdrawals would not be affected, and all funds were safe.

Alankar Saxena, founder, CPO, and CTO of Mudrex, explained in a tweet that the pause is very much important to avoid the bad actors and to protect the users. He showed how, despite all regulatory challenges, Mudrex has always supported crypto deposits and withdrawals when most of the platforms in India avoided this very feature. The upgrade related to compliance is expected to end by January 28. Crypto withdrawals will start as soon as they do.

Mudrex Decision Sparks Debate

Crypto trader Vivian Live went serious, taking to X to warn users of withdrawals: “Congratulations! Mudrex disables Crypto Withdrawals! Don’t tell me I didn’t warn you!” he exclaimed to raise panic in the customers of the platform. The post made rounds, and people started questioning the stability of Mudrex. A lot of users were afraid of losses, and some even started converting their crypto to INR.

Alankar Saxena quickly allayed the panic. He had said the suspension was temporary and only to upgrade its infrastructure. INR transactions and crypto deposits continue to work, and users’ funds are entirely safe, emphasized Saxena, countering Vivan’s tweet. Mudrex has been one of India’s few platforms enabling crypto withdrawals. “We’re committed to maintaining that freedom,” Saxena said in response to Vivan’s tweet.

Mixed Reactions from the Community

The move by Mudrex has split the crypto community. If, for some, the proactive steps taken by the platform to enhance its compliance and security were valuable, others condemned the fact that it had not made this position known before. A section of users seemed outraged at the sudden shutdown, underlining that transparency means everything.

This setback did little to deter Mudrex, and the promise of not giving up on safety in seamless crypto trading continued with verve. With it came ambitions that Mudrex will continue to hold a premier place in investor freedom and safety compared to other cryptocurrency exchanges.

With a timeline now in sight on January 28, Mudrex stands on trial grounds. All users can do is keep their fingers crossed that the platform shall restore confidence through actions whereby belief in its long-term vision for cryptocurrency trading in India is concerned.

Sadia Ali

Sadia Ali