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Mudrex Experiences Crypto Deposit Surge After FIU Notices to Exchanges

Mudrex observed that 60 per cent of the new users hail from tier 1 regions, while 40 per cent belong to tier 2 locations

Mudrex Experiences Crypto Deposit Surge After FIU Notices to Exchanges

Outlook Start-Up Desk

POSTED ON January 03, 2024 4:38 PM

Y-Combinator-backed, crypto investment platform Mudrex, has witnessed a surge of $1 million in crypto deposits from prominent exchanges, including Binance, following the FIU warning notice to nine overseas crypto exchanges for non-compliance with anti-money laundering law.  

The FIU has also requested the Ministry of Electronics and Information Technology to block their websites on Thursday. 

The company added that it has seen a surge in crypto deposits, with a significant number exceeding $1000, indicating broad appeal to both experienced and new investors.  

Within the last four days, Mudrex successfully onboarded over 10,000 users attracted by its user-friendly interface, smooth experience, and the distinct advantage of zero fees on crypto deposits, the company added in its statement.    

The platform observed that 60 per cent of the new users hail from tier 1 regions, while 40 per cent belong to tier 2 locations. 

Mudrex had completed its registration with the European Union in September last year. The company is a recognised entity in India by FIU. It is recognised as a Virtual Asset Service Provider (VASP) accredited by the Bank of Lithuania in the EU. Additionally, it has recently received OAM certification in Italy. 
 
Commenting on this, Edul Patel, CEO and co-founder of Mudrex said, “Indian investors should always aim to have their assets in FIU-compliant entities as it gives them a localised experience and more importantly a way for legal recourse against fraudulent activity on their account.”  
 
Launched in 2018, the company claims to adhere to the highest safety and compliance standards. In addition to its core offering, the company has also introduced an AI chatbot named SatoshiGPT to provide comprehensive cryptocurrency education. 

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