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 cryptocurrency exchange backed by Y Combinator, Better Capital and Woodstock Fund, has temporarily suspended withdrawals. The founder Alankar Saxena, in an X post on January 12, explained that the pause was part of an ongoing compliance upgrade in an effort to “avoid bad actors,” adding that the process would be completed by January 28.
The company stressed that INR withdrawals are not affected and all customer funds are safe. He also reiterated his commitment to supporting crypto transactions, highlighting that “many platforms in India have avoided” providing such services due to regulatory challenges.
“We believe in giving investors the freedom to access their funds at any time and in any way. To be clear, INR withdrawals are not affected and all funds are completely secure.
Alankar Saxena
With misinformation circulating online, Saxena urged users to stick to official updates and contact 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 revenue of $2.2 million with a team of 93 employees.
Saxena did not provide specific details on the reason for the suspension of withdrawals. However, the decision came shortly after the trade revealed a 200% increase in its user base this year, with monthly trading volumes reaching $200 million.
