- Mudrex has temporarily suspended cryptocurrency withdrawals until January 28 to improve security and prevent abuse.
- The decision sparked frustration among users, with some warning others not to withdraw their funds.
- Stricter rules in India have caused some exchanges like Bybit to restrict services, while CoinDCX has started allowing cryptocurrency withdrawals under certain conditions.
Mudrex suspends cryptocurrency withdrawals amid system improvements
Mudrex, an Indian cryptocurrency exchange, recently halted cryptocurrency withdrawals, leaving many users confused and frustrated. The company announced on January 11 that the suspension would continue until January 28. The reason for the temporary suspension is to improve the platform’s systems to prevent misuse by bad actors. Mudrex explained that it is important to ensure the security of the platform when dealing with something as sensitive as cryptocurrencies. Idul Patel, CEO of Mudrex, said it is necessary to ensure that the platform is working properly to avoid illegal activities. Although Mudrex has been one of the few exchanges in India to allow cryptocurrency withdrawals for the past three and a half years, the move has caused frustration among many users.
Stricter crypto regulations in India are impacting exchanges
India is setting stricter rules for cryptocurrency exchanges, which has led to some platforms stopping operations. For example, Paybit said on January 12 that it would reduce services such as trading and account creation due to these new rules. At the same time, coindx, Another well-known exchange started allowing users to withdraw cryptocurrencies on January 6. It allows 1.5 million users to withdraw cryptocurrencies in the first phase, with plans to expand it later. However, if users want to withdraw cryptocurrencies, they will need to turn off the Indian Rupee (INR) deposit option, although they can still withdraw INR.
Mudrex’s decision to halt withdrawals has raised questions about the challenges faced by cryptocurrency exchanges in India, especially with increasing regulations. As Mudrex works to improve its systems, it will be interesting to see how this decision affects the platform’s reputation and user trust.
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