#Indian exchanges halt withdrawals#
Hot Topic Overview
Overview
Indian crypto exchange Mudrex has announced the suspension of cryptocurrency withdrawals until January 28th for platform upgrades, enhanced compliance measures, and to prevent abuse by malicious actors. This move has sparked community concerns, as Mudrex is one of the few exchanges in India that allows cryptocurrency withdrawals. While Mudrex emphasizes this is a temporary measure and user funds are safe, it has raised concerns about India's cryptocurrency regulatory environment. Another Indian exchange, CoinDCX, also introduced 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 a suspension of cryptocurrency withdrawals, sparking community concerns. The exchange explained that the move is to upgrade the platform, strengthen its compliance framework, and prevent abuse by bad actors. Edul Patel, Co-founder and CEO of Mudrex, said that to ensure the safety of cryptocurrencies and prevent them from being used for illegal activities, the platform needs to undertake necessary upgrades. Notably, Mudrex is one of the few Indian exchanges that allow cryptocurrency withdrawals, and this suspension has raised concerns among users about the platform's security and transparency. Another Indian crypto exchange, CoinDCX, also introduced cryptocurrency withdrawal functionality for users in January, but users opting for withdrawals will be permanently disabled from depositing Indian Rupees. Currently, Mudrex expects to resume normal service after the upgrade is completed on January 28, assuring users that their funds are safe and INR fiat withdrawals are unaffected.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
India-based crypto exchange Mudrex has paused withdrawals to carry out platform upgrades to enhance compliance measures and prevent misuse by bad actors.
The pause is temporary and is expected to be lifted on January 28 after the upgrades are complete.
Mudrex is one of the few exchanges in India that allows cryptocurrency withdrawals, and the pause has raised questions in the community.
While withdrawals are paused, user funds are safe and INR fiat withdrawals and deposits are still operational.