Indian Exchange Mudrex halted crypto withdrawals on its platform citing ongoing Compliance Upgrades. Normal Operations on the platform are set to resume on January 28 and Indian Rupee withdrawals are not affected by the development.
Alankar Saxena, Founder of Mudrex announced the development giving details on the modalities involved and the motive behind the decision to halt withdrawals temporarily.
“ We have temporarily paused crypto withdrawals on @officialmudrex 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 the compliance upgrade by January 28th and will resume crypto withdrawals after.” Alankar Stated.
The development is the second withdrawal issue happening in a major Indian Exhcnage since WazirX last year.
Indian Rupees Withdrawal still ongoing
Alankar explained that users of the Mudrex exchange can still withdraw their Indian Rupees as the development does not affect the currency withdrawal.
The founder appealed to the Indian community to come forward with questions concerning the development and stop spreading misinformation and unnecessary FUD.
Mudrex has experienced significant growth in recent years. As of January 2025, the platform reported a 200% increase in its user base over the past year, reaching a total of 3 million users.
In December 2024, Mudrex’s trading volume surged twentyfold, reaching $200 million. The exchange is one of the largest in the Indian crypto community catering to millions of users.
Mudrex is the second major crypto exchange in India having withdrawal issues with its clients.
In July 2024, WazirX the largest crypto exchange in India halted withdrawals on its exchange following a shocking $230 million hack on the platform.
The Multi-signature wallet of the exchange was compromised by bad actors and millions worth of Crypto were drained from the exchange.
The Exchange is still in the process of resuming full operations and repaying creditors who lost their money to the hack.