Indian cryptocurrency exchange Mudrex has temporarily suspended cryptocurrency withdrawals until January 28, 2025. The company announced this decision on January 11th, citing the need to upgrade its compliance framework to enhance security and prevent misuse by bad actors.
Mudrex emphasized that this is a proactive measure aimed at improving user experience and ensuring the platform adheres to the highest security standards. While cryptocurrency withdrawals are temporarily paused, users can still deposit and withdraw Indian Rupees (INR).
The issue gained traction after a cryptocurrency trader, Vivan Live, posted on X, advising Mudrex users to withdraw their funds immediately.
Congratulations!
Mudrex disables Crypto Withdrawals!
Don’t tell me I didn’t tell you!
If you haven’t taken your money out yet, convert it into INR – withdraw into your bank and RUN! https://t.co/IjgOod2aRI
— VivanLive (@VivanLive) January 10, 2025
This move comes amid increasing regulatory scrutiny of the cryptocurrency industry in India. Several other exchanges, such as Bybit, have also restricted services in the country due to evolving regulatory developments.
Mudrex has assured users that their funds remain secure and that the withdrawal suspension is a temporary measure. The company expects to resume normal cryptocurrency withdrawal services on January 28th following the completion of the compliance upgrade.
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