Indian Cryptocurrency Exchange Mudrex Suspends Withdrawals
Date: 2025-01-14 Author: Henry Casey Categories: BUSINESS
Mudrex CEO Edul Patel added that changing regulatory requirements from Indian financial regulators forced the company to suspend operations in order to adapt its operations to stricter standards. This temporary restriction is aimed at complying with new regulatory obligations that were introduced to tighten control over the cryptocurrency industry in the country.
Users of the exchange expressed dissatisfaction with the decision, as it was unexpected and was not announced in advance. Before this, Mudrex was one of the few cryptocurrency platforms in India that provided the ability to withdraw cryptocurrency in pairs with the Indian rupee (INR), which made it attractive to local investors. The introduction of such restrictions has caused confusion and criticism among customers, many of whom are expressing concerns about future transactions on the platform.
It is worth noting that Mudrex is not the first cryptocurrency exchange in India to impose restrictions. Earlier, Bybit made a similar decision, which also announced temporary measures affecting its Indian users. This highlights the growing trend of tightening regulation of cryptocurrency services in the country, forcing exchanges to respond to new challenges in terms of compliance.
