This is not new, check out my thread: Mudrex Exchange Withdrawal Issue
This is going on for months and now they just hide under regulations for holding funds but there's absolutely no reason for them to. Bybit is actually stopping their service in India but they allowing users to withdraw and that's the difference between legit and shady exchange.
You can convert but can't withdraw to bank account that's the beauty.
Topic: Another not your key not your coin story - page 4. (Read 680 times)
This is sad, denying the user the right to their fund for weeks without reaching an agreement on this upgrade and asking if they are okay with it.But any Indian can be caught on this, even those who don't leave their coins in an exchange.
Mudrex is one of the exchanges that has allowed Indian citizens to buy and withdraw crypto down to their private wallets, not like others, which you can only use on that platform to trade, make a profit, and time for withdrawal; you will have to convert to IRN.
Anyone could just have the intention of using the exchange, which I have had allow Indian citizens to buy and get caught up with this upgrade. This is just one problem with centralised services: they act without minding the harm they cause to others.
Mudrex is one of the exchanges that has allowed Indian citizens to buy and withdraw crypto down to their private wallets, not like others, which you can only use on that platform to trade, make a profit, and time for withdrawal; you will have to convert to IRN.
Anyone could just have the intention of using the exchange, which I have had allow Indian citizens to buy and get caught up with this upgrade. This is just one problem with centralised services: they act without minding the harm they cause to others.
Many of this news will definitely be sufficing the news everyday but will that stop the spread of people actually using this centralized exchanges? I don’t think so most people actually are already use to the idea of not having the ability to keep things safe for themselves and always look for the way to say it is best they keep their void mom exchanges, you will see people coming with the defense of the exchange has low liquidity or it is not one of those big exchanges but I continue to warn newbies that even the top exchanges have this similar problem also, FTX and MtGOX were top exchanges before they ran into problems.
The frustrating part aside the loss of funds his when they suspend withdrawal for particular assets without the owners knowledge leaving the owners stranded, last week there was a suspension of Notcoin withdrawal from top exchanges like binance, bybit and KuCoin due to large withdrawals of funds as there was some campaign the holders were participating on. This raised more concern that is the coins on exchanges actually real or just numbers
The frustrating part aside the loss of funds his when they suspend withdrawal for particular assets without the owners knowledge leaving the owners stranded, last week there was a suspension of Notcoin withdrawal from top exchanges like binance, bybit and KuCoin due to large withdrawals of funds as there was some campaign the holders were participating on. This raised more concern that is the coins on exchanges actually real or just numbers
This is indeed another story about not your keys not your coin. They should be thankful that it's just temporary rather than permanent. In my opinion, it should be a lesson learn for them to never store their coins no matter what cryptocurreny it is as long as it is not their keys ehen it's not their coins to begin with even though they are the ones who made the deposit compared to having control of the keys to do transaction. It should be temporary to put their crypto in an exchange when they want to sell or buy something rather than using the exchange as a way to store their crypto.
This has been the funniest not your key not your coin story I have ever heard. It is about an Indian exchange Mudrex that stopped crypto withdrawal and told people that withdrawal will resume on the 28th of January. That is 2 weeks and 3 days before their customers can be able to withdraw their money. That will also be if nothing has happened to the exchange.
But someone told people should convert their coins to Indian rupee and withdraw Indian rupee. I do not know if Indians that are using the exchange will be able to withdraw to fiat.
https://cointelegraph.com/news/indian-crypto-exchange-mudrex-halts-crypto-withdrawals
But someone told people should convert their coins to Indian rupee and withdraw Indian rupee. I do not know if Indians that are using the exchange will be able to withdraw to fiat.
https://cointelegraph.com/news/indian-crypto-exchange-mudrex-halts-crypto-withdrawals
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