Mudrex Exchange Withdrawal Issue

[Bitcoin Smith]

I have been in the crypto space for a while but this is the first time I am hearing about Mudrex Exchange which is in operation since 2018 and it's run by Bangalore based Fintech company when I was lurking around reddit and there are a lot of people complained about not able to withdraw their crypto as well as INR from their exchange's wallet.

I want this thread to warn Indian crypto community not to use that exchange if anyone has been using it and for the matter not any Indian based exchange since all of them kind of restrict their users when it comes to withdrawal of crypto to our wallet or delayed withdrawals of INR to our bank accounts.

[TheUltraElite]

An exchange not allowing or witholding withdrawals - that is a red flag indeed.

I have not used this exchange so I cant comment, but if this is true, we might get some more info from users of this exchange in the upcoming days.

Why not invite some of these reddit users to comment here?

[pakhitheboss]

I have been in the crypto space for a while but this is the first time I am hearing about Mudrex Exchange which is in operation since 2018 and it's run by Bangalore based Fintech company when I was lurking around reddit and there are a lot of people complained about not able to withdraw their crypto as well as INR from their exchange's wallet.

CoinDCX is one of the prominent companies in the cryptocurrency industry that has halted crypto withdrawals for an extended period. Occasionally, they also suspend INR withdrawals, which has become increasingly common among Indian exchanges. It's time for the Indian crypto community to consider avoiding Indian exchanges unless they are specifically involved in converting their crypto to INR. I've consistently expressed that Indian cryptocurrency exchanges are not trustworthy for community members.

[avikz]

I have been in the crypto space for a while but this is the first time I am hearing about Mudrex Exchange which is in operation since 2018 and it's run by Bangalore based Fintech company when I was lurking around reddit and there are a lot of people complained about not able to withdraw their crypto as well as INR from their exchange's wallet.

I want this thread to warn Indian crypto community not to use that exchange if anyone has been using it and for the matter not any Indian based exchange since all of them kind of restrict their users when it comes to withdrawal of crypto to our wallet or delayed withdrawals of INR to our bank accounts.

That's why I always avoid Indian exchanges. The only "somewhat reputed" exchange was Wazirx. But after the hacking incident, they have gone into incognito mode. So right now, there's not a single exchanges available in India which can trusted with our cryptos.

Also government is least bothered about fixing this status quo as they anyways want to drive out cryptocurrency from India. Better hold your horses for now.

[pakhitheboss]

That's why I always avoid Indian exchanges. The only "somewhat reputed" exchange was Wazirx. But after the hacking incident, they have gone into incognito mode. So right now, there's not a single exchanges available in India which can trusted with our cryptos.

Also government is least bothered about fixing this status quo as they anyways want to drive out cryptocurrency from India. Better hold your horses for now.

Yup, WazirX had a good reputation before the hacking incident. It is better to avoid Indian exchange for trade and for purchase because you might never know when your funds can get stuck. I have also seen one similarity that most exchanges have applied that is they all do not allow withdrawal of USDT. You can deposit but you cannot withdraw USDT from any Indian exchange.

[Bitcoin Smith]

Why not invite some of these reddit users to comment here?

I have been trying to convince them to be a part of bitcointalk for months with no luck yet.

It's time for the Indian crypto community to consider avoiding Indian exchanges unless they are specifically involved in converting their crypto to INR. I've consistently expressed that Indian cryptocurrency exchanges are not trustworthy for community members.

That's why I always avoid Indian exchanges. The only "somewhat reputed" exchange was Wazirx. But after the hacking incident, they have gone into incognito mode. So right now, there's not a single exchanges available in India which can trusted with our cryptos. 

I completely agree, Indian exchanges can't be trusted especially when they are involving in shady activities like restricting users from withdrawing cryptos and INR but still they are trying to exploit the patriotism of Indians by calling them Indian exchange but since this is open market they have to compete with equal standards of global exchange or else Binance will eat the whole Indian market.

[pakhitheboss]

I completely agree, Indian exchanges can't be trusted especially when they are involving in shady activities like restricting users from withdrawing cryptos and INR but still they are trying to exploit the patriotism of Indians by calling them Indian exchange but since this is open market they have to compete with equal standards of global exchange or else Binance will eat the whole Indian market.

Binance did eat the whole Indian market after which the owners of Indian exchanges formed a consortium which informed the government to take action against 5 exchanges that were not following the FIU regulations. They did get the volumes back when the ban was placed but again lost it after WazirX hack.

[Lender]

A simple Googling shows up lots of people complaining about Mudrex withdrawal issue...

1. https://www.reddit.com/r/CryptoIndia/comments/1freuya/mudrex_withdrawals_question/

2. https://www.reddit.com/r/CryptoIndia/comments/1bqgxee/mudrex_is_a_scam/

3. https://www.reddit.com/r/CryptoIndia/comments/1dispjs/mudrex_withdrawal/

4. https://www.reddit.com/r/CryptoIndia/comments/1f5b4ih/delayed_usdt_withdrawal_mudrex/

5. https://www.reddit.com/r/CryptoIndia/comments/1fv3ug9/usdt_withdrawal_delayed_in_mudrex/

[pakhitheboss]

snip..

That is why I have been stating after the WazirX fiasco to avoid local exchange unless it is necessary. It is better to use international exchanges like Binance for trading and withdraw purposes. I am not sure about the P2P scenario currently but I haven't heard much news of bank account getting frozen.

[vino.gcs]

snip..

That is why I have been stating after the WazirX fiasco to avoid local exchange unless it is necessary. It is better to use international exchanges like Binance for trading and withdraw purposes. I am not sure about the P2P scenario currently but I haven't heard much news of bank account getting frozen.

well it's not really like that, yes it's true that the international circuits are quite dark but let's also say that they can also freeze accounts, I have heard several stories of people who have had everything taken away, so I remain faithful to my wallet and not that of others