On January 13, Indian cryptocurrency trading platform Mudrex has suspended withdrawals, sparking strong opposition from the community. The trading platform said that this is a temporary move that will last until January 28, aimed at upgrading the platform’s compliance framework to prevent abuse by bad actors.
A community member, Aakash Athawasya, expressed doubts about the trading platform’s intentions, believing that Mudrex “never conducted [cryptocurrency withdrawals] from the beginning” and accused it of providing “price risk, not ownership.”
It is worth noting that Mudrex is one of the few cryptocurrency exchanges in India that allows cryptocurrency withdrawals. Another Indian cryptocurrency trading platform, CoinDCX, launched a cryptocurrency withdrawal function for its users in January. However, users who choose cryptocurrency withdrawals will have to permanently disable the Indian rupee deposit function, but rupee withdrawals will continue to be available.
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