On Sunday, cryptocurrency trading platform Mudrex informed users that they are temporarily halting crypto withdrawal services due to compliance issues and a desire to thwart potential manipulation by unscrupulous individuals.
Mudrex, a cryptocurrency exchange based in Bengaluru and backed by investors like Y Combinator, Better Capital, and Woodstock Fund, has temporarily halted withdrawals. According to a post on Reddit by founder Alankar Saxena on January 12th, this pause is due to an ongoing update in compliance measures aimed at preventing suspicious activities, with the process expected to be finished by January 28th.
On @officialmudrex, we’ve temporarily halted crypto withdrawals, but this isn’t a permanent move. We’re taking this step to improve our compliance system, ensuring we can keep out any suspicious actors. Our ultimate goal is to provide our investors with the best and most secure service possible. We aim to finish these upgrades soon…
— Alankar Saxena (@alankar_saxena) January 12, 2025
The business made clear that Indian Rupee (INR) withdrawals continue as usual, assuring customers their money is secure. Furthermore, it underscored its dedication to facilitating cryptocurrency transactions, noting that numerous other platforms in India have shied away from offering such services due to regulatory difficulties.
Our philosophy is to empower investors by allowing them flexible access to their investments at any time, through a variety of methods. Rest assured, Indian Rupee (INR) withdrawals remain unaffected, and your funds remain secure.
Alankar Saxena
In a bid to combat misleading information shared online, Saxena advised users to rely on authentic sources and seek assistance from their support staff when needed.
Established in 2018 by Edul Patel, Prince Arora, Alankar Saxena, and Rohit Goyal, Mudrex garnered $9.15 million in funding from investors such as Nexus Venture Partners and QED Investors. By the year 2024, the platform generated a revenue of $2.2 million with a staff of 93 individuals on board.
Saxena failed to give precise explanations regarding the halt of withdrawals. Yet, this action was taken not long after the platform announced a 200% growth in users this year, and monthly trading volumes hitting $200 million.
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2025-01-13 12:19