Indian crypto exchange Mudrex suspends withdrawals amid 200% growth in user base

Crypto exchange Mudrex announced Sunday that it has temporarily suspended crypto withdrawals, citing compliance concerns and the need to prevent misuse by bad actors. Mudrex, a Bengaluru-based crypto exchange platform supported by Y Combinator, Better Capital, and Woodstock Fund, has temporarily paused withdrawals. Founder Alankar Saxena, in an X post on Jan. 12, explained that the pause is part of an ongoing compliance upgrade in a bid to “avoid bad actors,” adding that the process will be completed by Jan. 28. We have temporarily paused crypto withdrawals on @officialmudrex , not permanently. This step is part of our effort to upgrade the compliance suite to avoid bad actors. Our priority is to serve our investors in the best and most compliant way possible. We will be able to complete… — Alankar Saxena (@alankar_saxena) January 12, 2025 The company emphasized that INR withdrawals remain unaffected and all customer funds are safe. It also reiterated its commitment to supporting crypto transactions, pointing out that “many platforms in India avoided” providing such services due to regulatory challenges. “We believe in giving investors the freedom to access their funds anytime and in any manner. To be clear, INR withdrawals are not affected, and all funds are completely safe.” Alankar Saxena You might also like: Bybit to temporarily suspend services in India Addressing misinformation circulating online, Saxena urged users to stick to official updates and reach out to the support team for help. Founded in 2018 by Edul Patel, Prince Arora, Alankar Saxena, and Rohit Goyal, Mudrex has raised $9.15 million from investors like Nexus Venture Partners and QED Investors. In 2024, the exchange reported a revenue of $2.2 million with a team of 93 employees. Saxena didn’t provide specific details about the reason for suspending withdrawals. However, the decision came shortly after the exchange revealed a 200% increase in its user base this year, with monthly trading volumes reaching $200 million. Read more: Indians are including cryptocurrencies in their retirement plans, survey reveals