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The Indian cryptocurrency landscape is encountering a significant upheaval as Mudrex, a prominent exchange, has halted all withdrawals, triggering considerable discontent among its user base. The suspension is intended to be temporary, set to last until January 28th, while the platform enhances its compliance framework to mitigate the risks posed by malicious entities. This move has not been well-received, with users like Aakash Athawasya casting doubts on the exchange’s motives, asserting that Mudrex has historically offered limited true ownership of cryptocurrencies, primarily providing mere price exposure.
Mudrex stands out as one of the select few exchanges in India that facilitates cryptocurrency withdrawals. In contrast, CoinDCX, another leading exchange, recently began offering such capabilities to its users. However, this comes with a stipulation: users must permanently disable their ability to deposit Indian Rupees to access cryptocurrency withdrawals, although Rupee withdrawals remain an option. As the market evolves, compliance and user trust will be pivotal in shaping the future of cryptocurrency transactions in India.
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