Thomas Daniels
Citing regulatory issues and the need to guard against abuse by bad actors, Mudrex, a cryptocurrency exchange based in Bengaluru and supported by well-known investors including Y Combinator, Better Capital, and Woodstock Fund, has temporarily halted cryptocurrency withdrawals.
In a post on X (previously Twitter) on January 12, Alankar Saxena, one of the platform’s co-founders, revealed that this suspension is a component of a compliance upgrade meant to guarantee the platform’s continued security and stability. Saxena assured customers that all customer funds are secure and that INR withdrawals will not be impacted, stressing that the procedure will be completed by January 28.
“We support granting investors the flexibility to access their money in any way and at any time. To be clear, all money are totally safe and withdrawals in Indian rupees are unaffected,” Saxena reaffirmed.
Mudrex’s move to suspend cryptocurrency withdrawals coincides with a 200% increase in its user base this year and a $200 million monthly trading volume. In India’s difficult regulatory landscape, the exchange has stood out by continuing to facilitate bitcoin transactions while many other platforms have stopped.
Additionally, the business advised consumers to trust official updates and ignore false material that is spreading online. Saxena advised customers who needed help to contact the platform’s support staff.
Founded in 2018 by Rohit Goyal, Alankar Saxena, Edul Patel, and Prince Arora, Mudrex has raised $9.15 million from investors, including QED Investors and Nexus Venture Partners. With the help of 93 people, the company reported $2.2 million in revenue in 2024.
The exchange is nevertheless dedicated to finishing the upgrade as soon as possible to guarantee a safe trading experience for its expanding user base, even though the precise reasons for the compliance-driven suspension are yet unknown.
