#Indian exchanges halt withdrawals#
Hot Topic Overview
Overview
Indian crypto exchange Mudrex recently announced the suspension of cryptocurrency withdrawals, with services expected to resume on January 28th after platform compliance upgrades are completed. The move has sparked questions from the community, as Mudrex is one of the few exchanges in India that allows cryptocurrency withdrawals. Mudrex explained that the suspension of withdrawals is to strengthen compliance measures and prevent the platform from being exploited by bad actors. Nonetheless, the suspension of withdrawals has caused dissatisfaction among users, as it will affect the liquidity of their funds. Notably, Mudrex’s competitor CoinDCX recently launched a cryptocurrency withdrawal feature, but users need to permanently disable Indian Rupee deposit functionality to use it.
Ace Hot Topic Analysis
Analysis
Indian crypto exchange Mudrex recently announced the suspension of cryptocurrency withdrawals until the end of January for platform upgrades, raising concerns within the community. The exchange stated that the move is intended to upgrade the platform's compliance framework, preventing misuse by malicious actors. Mudrex co-founder and CEO Edul Patel explained that to safeguard cryptocurrencies, the platform needs to undergo compliance upgrades to prevent their use in illegal activities. Notably, Mudrex is one of the few exchanges in India that allows cryptocurrency withdrawals, leading to community concerns about potential risks. Another Indian crypto exchange, CoinDCX, introduced cryptocurrency withdrawal functionality for users in January, but users who opt for crypto withdrawals will have to permanently disable their Indian Rupee deposit functionality. Currently, Mudrex has clarified that INR fiat withdrawals remain unaffected, user funds are completely safe, and cryptocurrency and INR deposit services continue to operate normally.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Mudrex, an Indian crypto exchange, has paused withdrawals to upgrade its platform and strengthen its compliance measures to prevent misuse by bad actors.
The pause is temporary and services are expected to resume on January 28th after the compliance upgrade is completed.
Mudrex is one of the few exchanges in India that allows crypto withdrawals, and the pause has raised questions from the community.
User funds are safe, INR fiat withdrawals are unaffected, and crypto and INR deposit services are still operational.