Mudrex, an Indian cryptocurrency exchange, has sparked controversy by halting withdrawals until Jan. 28, citing the need for compliance upgrades. This unexpected move has triggered strong reactions from users, with some questioning the company’s intentions. According to Mudrex CEO Edul Patel, the pause is crucial for enhancing the platform’s security and ensuring it doesn’t become a tool for misuse. “You need to do that with something as critical as crypto,” Patel explained, emphasizing the importance of proper infrastructure.
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Community Skeptical of Suspension
The decision to pause withdrawals led to panic among some users. Crypto trader Vivan Live warned others to withdraw their funds, while another user, Aakash Athawasya, expressed doubts, claiming Mudrex never truly offered crypto withdrawals in the first place. Despite these concerns, Mudrex has seen impressive growth, including a 200% increase in its user base, reaching 3 million users.
In contrast, CoinDCX, another Indian exchange, recently launched crypto withdrawals for users, although it requires disabling rupee deposits. Cointelegraph reported these developments amidst growing regulatory scrutiny in India.
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