Mudrex resumes crypto withdrawals after compliance upgrade
Crypto exchange Mudrex had paused withdrawals on its platform to upgrade and automate its compliance processes using AI.
Indian crypto exchange Mudrex has resumed withdrawals on its platform after briefly pausing it on January 12.
The company had paused the withdrawal to upgrade and automate its compliance processes using artificial intelligence.
“At Mudrex, compliance isn’t just a requirement; it’s a commitment. Over the past few months, we’ve been progressively enhancing our systems. 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," said Alankar Saxena, Co-founder and CTO of Mudrex, in a statement.
Crypto exchanges in India have to adhere to local compliance frameworks put forward by the Financial Intelligence Unit (FIU) and Anti-Money Laundering (AML) guidelines.
Mudrex adheres to these policies along with guidelines put forward by the intergovernmental organisation Financial Action Task Force (FATF) that combats money laundering and other financial crimes.
The company, which serves over three million users, added that its platform requires users to verify their details through its Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) processes.
Earlier, Mudrex reported a 200% rise in its user base in 2024 after it doubled down on building customer relationships and focusing on educating its users during the period.
Compliance has been a key focus in the crypto ecosystem after a cyberattack affected crypto exchange WazirX in July last year and amidst a rising number of international crypto companies looking to expand services to India.
Edited by Kanishk Singh