Key Takeaways:
- Mudrex users report significant withdrawal issues, sparking frustration and legal threats.
- Accusations of unfair exchange rates and hidden fees damage Mudrex’s reputation among crypto traders.
- Despite user complaints, Mudrex has seen rapid growth, adding 10,000 new users after a recent FIU crackdown.
YEREVAN (CoinChapter.com) — Cryptocurrency platform Mudrex is facing growing criticism from its user base over alleged issues with withdrawals. Multiple users have taken to social media, reporting that the platform is withholding their funds without providing clear reasons.
Amber Gandotra, a vocal crypto enthusiast, recently tweeted about his frustration, stating that he was unable to withdraw his funds from Mudrex despite receiving repeated responses from the support team. In his tweet, Gandotra likened Mudrex to other platforms accused of unethical practices, signaling that he plans to take legal action.
Similarly, another user, Crypto Ninja, expressed disappointment after Mudrex allegedly put his withdrawal on hold. Crypto Ninja had withdrawn 20.28 USDT to his bank account but did not receive the funds. This situation has led to concerns among the platform’s users, who are now questioning the reliability of Mudrex’s services. These complaints point to a broader issue within the platform’s operations, specifically in how it handles customer funds.
Mudrex Faces Backlash Over Unfair Exchange Rates and Hidden Fees
In addition to the withdrawal issues, Mudrex has been accused of offering unfair exchange rates and imposing hidden fees. A recent tweet by Fball Coin News highlighted discrepancies between the exchange rates offered by Mudrex and other platforms. According to the tweet, Mudrex users are losing significant amounts of money due to lower exchange rates combined with additional charges. For instance, while CoinSwitch offered ₹90 per USDT, Mudrex users reportedly received only ₹84.93 per USDT after accounting for bank charges, taxes, and TDS. This difference led to financial losses for users, further damaging the platform’s reputation.
Mudrex Gains Praise Amid Growth Despite Rising User Complaints
Despite these allegations, Mudrex has been recognized in the past for its strong legal compliance and comprehensive feature set. A recent review by Forbes Advisor emphasized the platform’s adherence to Financial Intelligence Unit (FIU) regulations, portraying it as a secure choice for traders. The platform’s offerings, such as thematic crypto indexes called “Coin Sets,” have been praised for their utility in portfolio diversification. However, the current wave of user complaints suggests that Mudrex may have underlying issues, particularly in customer service.
These user complaints come at a time when Mudrex was seeing rapid growth, especially after a crackdown by FIU on non-compliant exchanges. In the wake of this crackdown, Mudrex reportedly added 10,000 new users and clocked over $1 million in deposits.
Update: Mudrex Responds to Allegations
Mudrex has reached out to Coinchapter to address the concerns mentioned in the article. They stated that the withdrawal issues reported are not representative of the overall user experience on their platform. With over 2 million users, Mudrex emphasized that only a very small number have reported issues, and their team is actively working to resolve these cases with high priority.
Additionally, Mudrex confirmed that they are in direct communication with Amber Gandotra and are working offline to resolve his issue.
