Indian cryptocurrency exchange Mudrex has temporarily halted crypto withdrawals from its platform, introducing confusion and concern among users. The suspension, announced on January 11, is meant to last until January 28 and aims to enhance the platform’s compliance framework to deter misuse. Edul Patel, co-founder and CEO, emphasized that maintaining robust infrastructure is critical in preventing illicit activities in the crypto space. Mudrex is one of the few exchanges in India facilitating crypto withdrawals. The decision ignited backlash, including warnings from community members advising users to withdraw their funds. Concerns were exacerbated following regulatory pressures faced by other platforms in India, which led to Bybit restricting its operations. In contrast, CoinDCX recently launched crypto withdrawal functionality, allowing users access in exchange for disabling INR deposit capabilities. As regulatory scrutiny intensifies in India, exchanges are adapting to remain compliant while serving their user base.

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