Mudrex, an Indian cryptocurrency exchange, has temporarily halted cryptocurrency withdrawals, prompting mixed reactions among the crypto community. Beginning on January 11, the platform initiated the suspension as part of its efforts to enhance its compliance structure, with the aim of ensuring security and preventing abuse by bad actors.
Such protections are necessary for a bitcoin platform, according to Mudrex CEO Edul Patel. “With something as important as cryptocurrency, it is critical to have strong protocols in place to prevent abuse. As a responsible platform, we are always striving to improve our services,” he stated.
The exchange has designated January 28 as the planned date to resume cryptocurrency withdrawals. Meanwhile, fiat withdrawals in Indian rupees remain unaffected, and customers can continue to deposit bitcoin and money.
Community ReactionsSome members of the community are skeptical about the pause. Vivan Live, a cryptocurrency broker, resorted to social media to advise consumers to withdraw their funds, convert them to cash, and move them to their bank accounts. Another skeptic, Aakash Athawasya, questioned Mudrex’s dedication to cryptocurrency ownership, claiming that the platform just provided price exposure rather than actual ownership of digital assets.
Despite the criticism, Mudrex continues to position itself as a secure and transparent platform. It remains one of the only Indian exchanges that has continually allowed cryptocurrency withdrawals for the last three and a half years, despite regulatory constraints forcing other exchanges to halt such activities.
Mudrex Performance and PlansMudrex has had considerable development, with its user base expanding by 200% annually to 3 million. The trade volume in December increased to $200 million, and the company plans to enroll 10 million members by the end of 2025 by expanding into new regions and appealing to a larger audience.
As Mudrex continues to complete its compliance upgrade, it assures its users of its ongoing commitment to security and service excellence, establishing itself as a steadfast player in India’s expanding crypto scene.
