#Indian exchanges suspend withdrawals#

Indian crypto exchange Mudrex recently paused cryptocurrency withdrawals, with services expected to resume on January 28 after a platform compliance upgrade. Mudrex co-founder Alankar Saxena said the suspension was to strengthen compliance measures and prevent bad actors from exploiting the platform. While INR fiat withdrawals are unaffected during the suspension and user funds are completely secure, the move has sparked community questions. Some users believe the reasons for suspending withdrawals are not sufficient and question whether the platform truly needs a compliance upgrade. Notably, Mudrex is one of the few exchanges in India that allows cryptocurrency withdrawals, and its suspension of withdrawals may cause some inconvenience to users. Additionally, another Indian crypto exchange, CoinDCX, introduced cryptocurrency withdrawal functionality for users in January, but users need to permanently disable Indian Rupee deposit functionality to use it. Currently, the regulatory policies for the Indian crypto market are unclear, and the compliance upgrade initiatives of exchanges also reflect the industry's uncertainty about future regulation.