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Indian exchange Mudrex pauses crypto withdrawals until January 28

The Indian cryptocurrency exchange Mudrex has announced a temporary halt on crypto withdrawals until January 28, 2025, to enhance its compliance measures. The company reassured its users that INR withdrawals and crypto deposits will continue operating unaffected, aiming to strengthen security against potential misuse.

The crypto community’s response has been critical, with some expressing skepticism about Mudrex’s intentions. Notable trader Vivan Live advised users to convert their assets to INR, while founder Alankar Saxena defended the suspension and highlighted the exchange’s commitment to safeguarding user funds amidst significant user and trading volume growth.

This pause also reflects increasing regulatory pressures within India’s crypto landscape, as evidenced by Bybit’s service limitations to Indian customers. Despite HIGH adoption rates, India maintains strict tax levies on digital assets, complicating the operational climate for crypto exchanges.

This is community-generated content, not advice from ONUS.
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