Why mudrex has halted crypto withdrawals until January 28

Mudrex is seeking additional kyc details for users initiating Crypto withdrawals, and the Crypto Investment Firm Has Halted Crypto Withdrawals for the Next Couple of Weeks as Part of Weeks as on the other Its ‘Compliance Suite’. The platform informed users about pause on withdrawals through via emails over the weekend. The company also posted a blog post about the issue on Sunday. The Development Stirred Concerns Amid Mudrex’s User Base, About The Safety of their Crypto Deposits. The platform, however, has stated that all deposits will be secure during this ongoing process.

Mudrex Says Upgrade will automate and streamlining verification

This is the first upgrade that mudrex is processing for its procedure related to crypto withdrawals. Alankar Sexena, Co-Founder and CTO at Mudrex Had Posted About The Development on X (Formerly Twitter) on January 13. Safety and that their assets are complete safe.

“This particular upgrade is focused on automating and streamlining verification for faster and more reliable withdrawals. We’ve been working on Upgrading our Compliance and Systems for the Past Few Months, ”Saxena said. “However, Making these changes should impact users’ Experience, so we’ve decided to pause withdrawals until the 28th to ensure everything runs smoothly.”

In his post published on x, saxena told users that INR withdrawals are not affected by the ongoing process at mudrex.

In conversation with gadgets 360, a mudrex speakesperson claimed that the platorm aims is to ensure Manner. The specksperson further disclosed that mudrex is adding requirements like video kyc to maintain a detailed information base for users processing crypto withdrawals on its. The official further added that mudrex has not identified any Crucial Threat

Mudrex users react to halt on withdrawals

Cryptocurrencies are not fully registered in the country, due to a Lack of Laws to Govern the sector. Moreover, Incidents Like Bybit’s Recent Suspension of Crypto Trading Service – or Last Year’s Wazirx Wallet Hack Leading to a Loss of Around $ 230 Million (Roughly roughly roughly also) To investor concerns in the country.

Mudrex’s step to pause crypto withdrawals to update its compliance suite has come account as ‘odd’ and ‘peculiar’ and ‘peculiar’ to memorres of India’s crypto community community. It is notable, that development came just two days after mudrex marked its seventh anniversary and announced that its user base has grown by 200 percent to break the mark of three million as Januaryry.

Addressing the mudrex situation, many from the crypto circle hhighlighted

Others lauded the platform for being transparent and mainTaining the safety of crypto funds during its internal upgrades.

The platform claims that its monthly trading volume has reacted $ 200 million (roughly Rs. 1,732 Crore). Founded in 2018 by edul patel and alankar saxena, mudrex has offices in India as well as the us.