There has recently been a news breakout where non-FIU-compliant entities like Binance will likely get blocked in India. The Government of India has always supported fostering innovation and promoting responsible growth within the crypto industry. Its proactive measures, including the implementation of taxation, inclusion of cryptocurrencies in anti-money laundering/counter-terrorist financing (AML/CTF) frameworks, and issuance of notices to non-FIU compliant foreign entities, show its commitment to ensuring a safe ecosystem for investors and businesses.
Indian investors should always aim to have their assets on FIU-compliant entities like Mudrex as it gives them a localized experience and, more importantly, a way for legal recourse against fraudulent activity on their accounts. This is the best practice, and users with funds on foreign exchanges should aim to move funds back to India.
Mudrex is registered with the FIU in India and is also a registered virtual asset service provider (VASP) in the EU. We have created a seamless flow for users to transfer their funds from popular foreign exchanges by enabling instant KYC verification, support of crypto deposits across hundreds of tokens, direct withdrawal to bank accounts, and we have done all of this while adhering to the highest safety and compliance standards.
How to Transfer crypto from external exchange to Mudrex
- On the Mudrex app, copy your Mudrex wallet address.
- Paste this address on the withdraw section on Binance or the exchange of your choice and initiate withdrawal.
- Return to the Mudrex app and confirm your details, including the exchange and network you’re transferring via. That’s it! The transfer will be reflected in your Mudrex Wallet within 15 minutes.
For a step-by-step breakdown of How to transfer crypto from an exchange to Mudrex, watch the video
You can read a detailed how-to guide here.
We’d also like to mention here that we do not charge transfer fees if you are transferring from Binance to Mudrex. So if you’ve got friends and family in the same situation, do make sure to bring their attention to this at the earliest so they can get ahead of the situation.
If you have any questions at all, please feel free to reach out to help@mudrex.com. And if need be, we can also provide you with a relationship manager to help you out.
Frequently asked question
Cold Wallet vs. Safer Exchange: Where to Park Your Crypto Post-Crackdown?
The two main options being discussed are cold wallets and alternative, safer exchanges. But which one is the right choice for you?
Cold Wallets:
Pros:
- Unmatched Security: Cold wallets offer the highest level of security by storing your private keys offline, making them immune to online hacks and exchange breaches.
- Complete Control: You hold complete ownership and control over your assets, independent of any third party.
- Peace of Mind: Knowing your funds are securely offline can provide invaluable peace of mind during times of regulatory uncertainty.
Cons:
- Accessibility: Sending and receiving funds can be slower and less convenient than through exchanges.
- Technical complexity: Managing private keys and seed phrases requires extra caution and technical knowledge.
- Loss of access: Losing your cold wallet or seed phrase could result in permanent loss of funds.
Safer Exchanges:
Pros:
- Convenience: Easier to buy, sell, and trade your crypto compared to cold wallets.
- User-friendly: Most reputable exchanges offer user-friendly interfaces and customer support.
- Security measures: Secure exchanges implement robust security measures to protect your funds, including multi-signature wallets and cold storage integration.
Cons:
- Counterparty risk: You entrust your funds to the exchange, exposing them to potential exchange insolvency or hacks.
So, which option is right for you?
The decision ultimately depends on your individual risk tolerance, technical expertise, and investment goals.
- Cold wallets are ideal for long-term holders prioritizing maximum security and self-custody, even if it means sacrificing convenience.
- Safer exchanges might be preferred by more investors/traders who value accessibility and user-friendliness, accepting a slightly higher risk in exchange for convenience.
