#Indian exchanges suspend withdrawals#
Hot Topic Overview
Overview
Indian crypto exchange Mudrex recently announced the suspension of cryptocurrency withdrawals until the end of January, citing platform upgrades and enhanced compliance measures to prevent misuse by bad actors. This move sparked questions from the community, as Mudrex is one of the few exchanges in India that allows cryptocurrency withdrawals. While Mudrex has stated that this is a temporary measure and user funds are safe, the withdrawal suspension will still have some impact on users. It's worth noting that another Indian crypto exchange, CoinDCX, also launched cryptocurrency withdrawal functionality in January, but users who opt for withdrawals will be permanently disabled from making Indian Rupee deposits.
Ace Hot Topic Analysis
Analysis
Indian crypto exchange Mudrex recently announced the suspension of cryptocurrency withdrawals, sparking concerns among the community. The exchange said the move was to upgrade its platform’s compliance framework, preventing misuse by bad actors, with normal service expected to resume on January 28. Mudrex co-founder and CEO Edul Patel said that the platform needed to undergo compliance upgrades to ensure the security of cryptocurrencies, improve its infrastructure and prevent it from being used for illegal activities. Notably, Mudrex is one of the few Indian exchanges that allows cryptocurrency withdrawals, and its decision to suspend withdrawals has sparked community concerns. Another Indian crypto exchange, CoinDCX, also launched cryptocurrency withdrawal functionality for users in January, but users who choose to withdraw will be permanently disabled from depositing Indian rupees. Currently, it remains to be seen whether Mudrex’s suspension of withdrawals is reasonable and whether its compliance upgrades can effectively prevent the platform from being abused.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Indian crypto exchange Mudrex has paused withdrawals to undertake platform upgrades to enhance compliance measures and prevent misuse by bad actors.
The pause is temporary and is expected to be lifted by January 28, following the completion of the upgrade.
Mudrex is one of the few Indian exchanges that allow crypto withdrawals, and the pause has raised concerns in the community.
User funds are safe, INR fiat withdrawals are unaffected, and crypto and INR deposit services remain operational.