Mudrex Enables Free Transfers from Binance Amid Stricter Regulations

Bianance’s ULR and application being blocked by the government have created a sense of doubt among Indian users. However, India’s Mudrex announced that it would allow the free transfer of more than 200 tokens from Binance. The move aims to help Indian customers safeguard their digital assets.

Mudrex to help in the transfer of assets from Binance

Crypto investment platform Mudrex has announced that it will offer free transfer of over 200 tokens from Binance.

The move comes after the Financial Intelligence Unit’s show-cause notice to Binance and eight other crypto exchanges for non-compliance with anti-money laundering standards in India. Accordingly, the exchange aims to help its users “safeguard” their digital assets by helping them move them to authorized places.

Users of Mudrex can now move their cryptocurrency holdings from Binance without paying gas fees, promising that their gains are not reduced, the exchange added.

Mudrex introduces one-on-one support

Mudrex has also added one-on-one expert help to further improve user accessibility. This tailored support is intended for those managing greater amounts of wealth. It will also help those who might not feel totally at ease transferring cryptocurrency.

Users are guaranteed a personal resource to help them navigate the procedure, answer any questions, and offer insightful advice thanks to professional support.

“The top priority for Indian investors right now is to have their assets in FIU-compliant entities as it gives them a localized experience, and more importantly, a way for legal recourse against fraudulent activity on their account,” said Alankar Saxena, CTO & Co-founder of Mudrex.

Indian government tightens regulation for offshore crypto exchanges

India disabled the websites of numerous well-known foreign cryptocurrency exchanges on January 12, including Binance, OKX, and Kucoin. This occurred immediately following the Indian government’s restriction on downloading these exchanges’ mobile applications.

Stricter laws are being enforced by the Indian government in an attempt to lessen the overwhelming number of Bitcoin scams.

Nine offshore bitcoin exchanges have previously received a show-cause notice from the Financial Intelligence Unit (FIU). Claiming that the exchanges were “illegally operating” and had violated India’s anti-money laundering regulations, the FIU sent the warning.

Meanwhile, Binance has assured its customers that their funds are safe with the crypto exchange. It has also promised its users that the exchange will soon find mutual ground with Indian regulators for smooth functioning.