Indian crypto exchange Mudrex has paused withdrawals on its platform, noting that it is upgrading its compliance suite.
In its statement, Mudrex believes that the compliance upgrade should be done by January 28th and crypto withdrawals will resume after then.
Mudrex wants to increase its platform’s security
In a post on January 12, founder and Chief Trading Officer at the exchange Alankar Saxena announced that digital assets withdrawals will be temporarily paused. He noted that the compliance upgrade was still ongoing and the new development is integral to the process. Notably, users are allowed to withdraw INR from the platform.
Mudrex noted that the upgrade is expected to end by January 28th, saying that it was necessary as they are trying to avoid bad actors. Saxena noted that the company has its investors at heart and wants to provide unrestricted access to their funds. He mentioned that services have gone on smoothly without any issues over the last few years.
CEO and co-founder of Mudrex Edul Patel also discussed the development, noting its importance. “You need to do that with something as critical as crypto. If the infrastructure is not correct, it is very easy for it to be misused for nefarious activities. As a responsible platform, we need to make sure that our systems are in place and we are improving the services at all points in time,” he said.
Crypto community wary about the withdrawal suspension
Members of the crypto community have been questioning the firm’s motives, urging others involved with them to start pulling out. One user on X asked users to convert their tokens to INR and withdraw before the exchange suspended the option.
A user noted that the exchange has never allowed users to withdraw crypto, highlighting that they just offer exposure. He joked that he would not carry out any transaction on the exchange, urging others not to get involved with them. Mudrex has about three million users, with the company planning to add 10 million more by the end of the year.