"In the wake of the FIUs directives, Mudrex saw an influx of crypto deposits. Among the depositors, a majority have invested amounts exceeding $1000, showcasing the platform s appeal to both seasoned investors and newcomers alike," stated Mudrex in a release.
In an exclusive conversation with the EconomicTimes, Edul Patel, the Founder and CEO of Mudrex, delved into the implications of the recent show cause notice issued by the Financial Intelligence Unit (FIU) to offshore entities operating in India s burgeoning cryptocurrency sector.
Is this the crypto demonetisation moment? The Financial Intelligence Units (FIU) notice to offshore exchanges might signal a shift. Asset safety concerns drive a market shift, posing risks for non-compliant exchanges.
Even bluechip crypto like Bitcoin and Ethereum surged 160% and 90%, respectively. Bitcoin prices zoomed to touch $44,000 in early December, after Blackrock, the world s preeminent asset manager with over $9 trillion in assets under management, filed for Bitcoin spot ETF. It has now settled around $43,000, about 155% higher than what it was at the beginning of the year.