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Crypto Exchange Mudrex Temporarily Suspends Withdrawals Amid Compliance Concerns
Crypto exchange platform Mudrex has announced a temporary suspension of crypto withdrawals due to compliance concerns and the need to prevent misuse by bad actors. The Bengaluru-based exchange made this announcement on Sunday, citing an ongoing compliance upgrade as the reason for the pause.
According to Mudrex founder Alankar Saxena, the pause is part of the company’s effort to “avoid bad actors” and ensure a more compliant service for investors. Saxena assured users that the process will be completed by January 28.
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.
The company emphasized that INR withdrawals remain unaffected, and all customer funds are safe. Mudrex reiterated its commitment to supporting crypto transactions, highlighting the challenges regulatory environments pose to many platforms in India.
We believe in giving investors the freedom to access their funds anytime and in any manner. To be clear, INR withdrawals are not affected, and all funds are completely safe.
Tips for Mudrex Users:
- Stick to official updates from Mudrex for accurate information.
- Reach out to the support team for help and assistance.
- Be cautious of misinformation circulating online.
Mudrex, founded in 2018 by Edul Patel, Prince Arora, Alankar Saxena, and Rohit Goyal, has raised $9.15 million from investors like Nexus Venture Partners and QED Investors. In 2024, the exchange reported a revenue of $2.2 million with a team of 93 employees.
Although the reason for suspending withdrawals was not specified, the decision came shortly after the exchange reported a 200% increase in its user base this year, with monthly trading volumes reaching $200 million.
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