#Indian exchanges halt withdrawals#
Hot Topic Overview
Overview
Indian crypto exchange Mudrex recently announced the suspension of cryptocurrency withdrawals, which are expected to resume on January 28. This move is to conduct platform upgrades, enhance compliance measures, and prevent misuse by malicious actors. While Mudrex assures users of the safety of their funds and that fiat withdrawals remain unaffected, the move has sparked questions within the community, as Mudrex is one of the few Indian exchanges that allow cryptocurrency withdrawals. Another Indian crypto exchange, CoinDCX, also launched cryptocurrency withdrawal functionality in January, but users need to permanently disable Indian Rupee deposit functionality.
Ace Hot Topic Analysis
Analysis
Indian crypto exchange Mudrex recently announced the suspension of cryptocurrency withdrawals, sparking community questioning. The exchange explained that the move is to upgrade its platform's compliance framework, preventing misuse by malicious actors, and is expected to resume normal service on January 28th. Edul Patel, co-founder and CEO of Mudrex, said that in order to safeguard cryptocurrencies, the platform needs to undertake compliance upgrades to ensure the infrastructure is robust and prevent it from being used for illegal activities. Notably, Mudrex is one of the few Indian exchanges that allows cryptocurrency withdrawals, and the move has also raised concerns among the community about the platform's security and transparency. While Mudrex emphasizes the safety of user funds, the decision to suspend withdrawals has still caused dissatisfaction among users. 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 making Indian Rupee deposits.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Indian crypto exchange Mudrex has paused withdrawals to carry out platform upgrades in order to strengthen compliance measures and prevent misuse by bad actors.
The pause is temporary and is expected to be lifted once the upgrade is complete on January 28th.
Mudrex is one of the few exchanges in India that allow crypto withdrawals, and this move has sparked questions from the community.
User funds are safe, INR fiat withdrawals are unaffected, and crypto and INR deposit services continue to operate normally.