The Indian cryptocurrency exchange Mudrex has temporarily halted withdrawals, causing unrest among users. The suspension is attributed to a system upgrade.
Reason for Withdrawal Suspension
Mudrex announced a temporary pause in crypto withdrawals from January 11 to January 28. This is part of an effort to upgrade the platform's compliance framework and prevent misuse by bad actors.
Community Reaction
The decision has sparked outrage among users, many of whom are confused and concerned. Crypto trader Vivan Live advised users to withdraw funds and convert them to INR immediately. Aakash Athawasya voiced doubts about Mudrex's transparency.
Current News on Indian Exchanges
Mudrex has experienced impressive growth, with a 200% increase in its user base and a twentyfold increase in trading volume in December to $200 million. Meanwhile, regulatory pressures in India have affected other exchanges like Bybit, which also suspended its services.
Mudrex's decision to suspend withdrawals spotlighted the challenges faced by the cryptocurrency community amid tighter regulations in India.
