#Indian crypto exchanges suspend withdrawals#
Hot Topic Overview
Overview
Indian crypto exchange Mudrex recently announced the suspension of cryptocurrency withdrawals, which are expected to resume on January 28th. The official explanation states that this measure is to upgrade the platform's compliance framework and prevent abuse by bad actors. This move has sparked questions from the community, as Mudrex is one of the few exchanges in India that allows cryptocurrency withdrawals. While Mudrex emphasizes the safety of user funds and that INR fiat withdrawals remain unaffected, the decision to suspend withdrawals has still raised concerns among users about the platform's security and reliability.
Ace Hot Topic Analysis
Analysis
Indian crypto exchange Mudrex has recently paused cryptocurrency withdrawal functionality, expected to resume normal service after compliance upgrades are completed on January 28th. Mudrex co-founder Alankar Saxena said that the move was aimed at strengthening compliance measures and preventing bad actors from exploiting the platform. Despite the suspension of withdrawals, INR fiat withdrawals are unaffected, user funds are safe, and cryptocurrency and INR deposit services are also operating normally. Mudrex co-founder and CEO Edul Patel explained that in order to prevent misuse for nefarious activities, compliance upgrades are needed in important areas such as cryptocurrencies, to ensure systems are in place and constantly improving services. It is worth noting that Mudrex is one of the few exchanges in India that allows cryptocurrency withdrawals, and this move has sparked questioning from the community. Another Indian crypto exchange, CoinDCX, launched cryptocurrency withdrawal functionality for users in January, but users who choose crypto withdrawals will permanently disable the Indian rupee deposit feature.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Indian crypto exchange Mudrex has paused withdrawals to upgrade its platform to enhance compliance measures and prevent misuse by bad actors.
The pause is temporary and is expected to resume normal service after the upgrade is completed on January 28.
INR fiat withdrawals are unaffected, user funds are safe, and cryptocurrency and INR deposit services continue to operate normally.
Mudrex is one of the few exchanges in India that allows cryptocurrency withdrawals, and the pause has raised questions from the community.