Hey crypto enthusiasts, buckle up for some spicy updates from the Indian crypto scene! Mudrex, a homegrown cryptocurrency exchange, has hit the pause button on crypto withdrawals, and it's all in the name of beefing up security and keeping the bad guys at bay.
In a statement that felt like a plot twist in a thriller, Mudrex revealed its plan to halt crypto withdrawals until January 28th, 2025. This move is part of their game plan to supercharge their compliance and security mechanisms. But don't worry, your INR withdrawals are still good to go, and crypto deposits are cruising smoothly.
Despite these assurances, the decision has stirred the pot in the crypto community. Crypto aficionado Vivan Live jumped into action on X, urging users to play it safe by converting their crypto holdings to INR pronto. He didn't want anyone caught off guard!
On the flip side, Aakash Athawasya, another voice from the crypto crowd, questioned Mudrex's intentions, arguing that the platform has been more smoke and mirrors than substance. He even suggested steering clear of Mudrex and sticking to on-chain solutions, drawing from his own bitter experiences.
But Mudrex's co-founder, Alankar Saxena, wasn't having it. He fired back, defending the platform's long-standing commitment to crypto deposits and withdrawals. According to him, Mudrex has always let users access their funds freely, even when industry peers tightened the reins due to regulatory hurdles.
This temporary hiccup for Mudrex comes on the heels of a growth spurt, with the company boasting a 200% surge in users and a jaw-dropping 20-fold increase in trading volumes, hitting the $200 million mark last December.
Interestingly, Mudrex isn't alone in this. Bybit, another exchange, is also taking a step back, pulling the plug on some services for its Indian clientele. Citing recent regulatory curveballs, Bybit has halted new trades and product access, but you can still withdraw your funds.
India might be riding high in the 2024 Crypto Adoption Index, but it's not all sunshine and rainbows. The country still imposes hefty taxes on digital assets, including a 1% tax deducted at source and a flat 30% rate on crypto earnings.
And if that wasn't enough drama, last December saw Indian authorities accusing several big-name crypto exchanges of dodging tariffs. Binance-linked Nest Services Ltd is allegedly staring down a whopping $87 million GST bill.
So, stay tuned, crypto comrades, as the saga unfolds in the ever-evolving world of digital currencies in India!
