Indian crypto exchange Mudrex announced on January 28th that it has resumed its withdrawals.
According to the official announcement, after a temporary hiatus to modernize and automate its compliance procedures with artificial intelligence (AI), Mudrex has allowed customers to withdraw cryptocurrency again.
The resuming withdrawals come after the exchange had previously halted them on January 13th, gaining mixed reaction from the audience.
Mudrex Resume Withdrawals
In its previous announcement on January 13th, Mudrex had said that it will resume the withdrawals on January 28th, making today’s announcement in tandem with promises.
The move demonstrates the platform’s commitment to upholding a smooth, legal customer experience.
“At Mudrex, compliance isn’t just a requirement; it’s a commitment. Over the past few months, we’ve been progressively enhancing our systems.” said Alankar Saxena, Co-founder & CTO of Mudrex.
They add, “This latest upgrade is designed to fortify our compliance infrastructure and safeguard against bad actors. We believe in giving investors the freedom to access their funds anytime and in any manner in a compliant way”
Why Did Mudrex Halt Withdrawals?
According to Mudrex’s previous announcement, the measure was required to ensure the stability and security of the platform.
But the platform had allowed users to still be able to withdraw money in Indian Rupees (INR) even if cryptocurrency withdrawals had been suspended.
The move had seen a mixed response from the crypto community, with many raising questions about credibility and safety.
However, Mudrex’s co-founder and chief trading officer, Alankar Saxena, responded to concerns on X (Twitter) on January 12. He had stated that some members of the cryptocurrency community are still dubious despite Mudrex’s assurances that customers’ money is secure.
He stressed that the goal of the temporary action was to make the ecology safer.
Mudrex Future Plans: What to Expect?
In a previous announcement, Mudrex stated that by 2025, the platform hopes to have onboarded almost 10 million users. In 2024, the platform’s user population has grown by 200% to over 3 million, and its monthly trading volume has increased by 20X to $200 million.
The increase demonstrates the platform’s strength in its expansion goals and aligns with the growth of the global cryptocurrency markets as a whole. In 2023, Mudrex was already registered as a Virtual Asset Service Provider (VASP) in the European Union.
Additionally, it is one of the few platforms in India that is registered with FIU. With these strategic moves and insights, the platform is well-positioned to broaden its customer base and penetrate new industries in 2025.