#Indian crypto exchanges halt withdrawals#
Hot Topic Overview
Overview
Indian crypto exchange Mudrex recently announced the suspension of cryptocurrency withdrawals, which is expected to resume on January 28th. The exchange stated that this move is to carry out platform compliance upgrades and prevent misuse by bad actors. This decision has sparked questions from the community, as Mudrex is one of the few exchanges in India that allows cryptocurrency withdrawals. While the exchange claims that user funds are safe and fiat withdrawals are unaffected, the suspension has raised concerns among users regarding the platform's security and transparency.
Ace Hot Topic Analysis
Analysis
Indian crypto exchange Mudrex recently announced the suspension of cryptocurrency withdrawals, sparking community questions. The exchange said the move was to conduct platform upgrades, enhance compliance measures, and prevent misuse by bad actors, with services expected to resume on January 28th. Edul Patel, co-founder of Mudrex, stated that the necessary upgrades were required to ensure platform security and compliance, preventing its use for illegal activities. Notably, Mudrex is one of the few Indian exchanges allowing cryptocurrency withdrawals, and the suspension has raised user concerns about platform security and transparency. Another Indian crypto exchange, CoinDCX, also launched cryptocurrency withdrawal functionality in January, but users are required to permanently disable Indian Rupee deposit functionality. This event reflects the regulatory and security challenges faced by the Indian crypto industry and highlights user concerns regarding the transparency and security of cryptocurrency exchanges.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Mudrex, an Indian crypto exchange, has paused withdrawals to undertake 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 compliance upgrade is completed.
Mudrex is one of the few exchanges in India that allows crypto withdrawals, and the pause has raised concerns in the community.
Despite the withdrawal pause, user funds are safe and INR fiat withdrawal and deposit services remain operational.