{"id":7416,"date":"2025-01-13T16:48:18","date_gmt":"2025-01-13T16:48:18","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=7416"},"modified":"2025-01-13T16:48:18","modified_gmt":"2025-01-13T16:48:18","slug":"indias-mudrex-suspends-crypto-withdrawals-till-28th-january-amid-surging-user-growth","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=7416","title":{"rendered":"India\u2019s Mudrex Suspends Crypto Withdrawals Till 28th January Amid Surging User Growth"},"content":{"rendered":"
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Indian cryptocurrency exchange Mudrex<\/a>, a prominent player in the digital asset space, has announced a temporary suspension of crypto withdrawals on its platform.\u00a0<\/span><\/p>\n

On 12 January 2025, the Bengaluru-based company undertook a compliance upgrade.\u00a0<\/span><\/p>\n

Alankar Saxena, Founder, CPO and CTO of Mudrex took to X and said,\u00a0\u201cWe have temporarily paused crypto withdrawals<\/span> on Mudrex<\/span>, not permanently.\u201d<\/span><\/p>\n

The announcement follows a year of remarkable growth for the platform, which has seen its user base surge by 200% and monthly trading volumes hit $200 million.<\/span><\/p>\n

However, a compliance check was required. Saxena said that the goal of suspending crypto withdrawals is to automate and streamline the verification process for quicker and more reliable withdrawals. He added that all of this will be done while maintaining the highest levels of compliance and security.<\/p>\n

Explore: India Is Deliberating On A Cryptocurrency Framework, Focus Remains On International Collaboration<\/a><\/strong><\/p>\n

\u201cCrypto deposits are functioning as usual along with INR deposit and withdrawals,\u201d Mudrex<\/h2>\n

\u201cThis step is part of our effort to upgrade the compliance suite to avoid bad actors,\u201d said Saxena. \u201c<\/span>Our priority is to serve our investors in the best and most compliant way possible. We will be able to complete the compliance upgrade by January 28th and will resume crypto withdrawals after.\u201d<\/p>\n

\u201cMudrex has always allowed crypto deposits and withdrawals, even when many platforms in India avoided it due to the challenges involved,\u201d he added. \u201cWe believe in giving investors the freedom to access their funds anytime and in any manner.\u201d<\/span><\/p>\n

However, he clarifies that Indian Rupee (<\/span>INR) withdrawals are not affected, and all funds are completely safe.<\/span> Furthermore, he warned against\u00a0misinformation being spread<\/span>.<\/p>\n

\u201cWe believe in the core principles of crypto and are dedicated to working with the community to push the crypto tech revolution forward,\u201d said Saxena.<\/p>\n

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We have temporarily paused crypto withdrawals on @officialmudrex<\/a>, not permanently. This step is part of our effort to upgrade the compliance suite to avoid bad actors. Our priority is to serve our investors in the best and most compliant way possible. We will be able to complete\u2026<\/p>\n

\u2014 Alankar Saxena (@alankar_saxena) January 12, 2025<\/a><\/p>\n<\/blockquote>\n