TechFlow news, January 13 — According to Cointelegraph, Indian cryptocurrency exchange Mudrex has temporarily suspended cryptocurrency withdrawals, sparking strong backlash from the community. The exchange stated this is a temporary measure lasting until January 28, aimed at upgrading its compliance framework to prevent abuse by bad actors.
When asked whether halting operations was necessary for compliance upgrades, Mudrex co-founder and CEO Edul Patel said: "You need to do this for something as important as crypto. If the infrastructure isn't right, it can easily be misused for malicious activities. As a responsible platform, we need to ensure our systems are in place and continuously improving our services."
Notably, Mudrex is one of the few Indian cryptocurrency exchanges that allows crypto withdrawals. Another Indian exchange, CoinDCX, launched cryptocurrency withdrawal functionality for users in January. However, users opting for crypto withdrawals will have to permanently disable their Indian Rupee deposit feature, although Rupee withdrawals remain available.
