Why Mudrex Stopped Crypto Withdrawals – What You Must Know!

Details of the Suspension

On January 12, 2025, Mudrex announced the temporary halt of crypto withdrawals, citing the need to enhance their compliance suite. The platform emphasized that this measure is precautionary, aiming to strengthen security protocols and ensure a safe trading environment for its users. Notably, INR withdrawals and crypto deposits remain fully operational during this period, allowing users continued access to their funds.

Official Statements

Alankar Saxena, Co-founder and Chief Trading Officer at Mudrex, stated, “This compliance upgrade is essential to prevent bad actors from exploiting our platform. Our priority is to serve our investors, ensuring they have unrestricted access to their funds at all times.” (Source: BitcoinEthereumNews)

Edul Patel, Co-founder and CEO of Mudrex, added, “As a responsible platform, we need to make sure that our systems are in place and we are improving the services at all points in time.” (Source: BitcoinEthereumNews)

Background Information

Founded in 2018, Mudrex has grown to serve over 3 million users, with a trading volume reaching $200 million in December 2024. The platform has consistently prioritized security, previously implementing measures such as cooldown periods for new withdrawal addresses and video KYC processes to enhance user protection. This latest compliance upgrade underscores Mudrex’s commitment to maintaining a secure and compliant trading environment.

Conclusion

Mudrex’s proactive approach in temporarily pausing crypto withdrawals reflects its dedication to user security and regulatory compliance. Users are advised to remain patient during this upgrade, with the assurance that full services will resume by January 28, 2025. For any concerns or inquiries, Mudrex’s support team remains available to assist.