Is Mudrex Safe and Legal in India? FIU Status Checked
Yes. Mudrex is FIU-IND registered as RPFAS Technologies (VA00031079) with no hack on record. What that protects, what it does not, and how to check.
Yes, Mudrex is legal in India. Its Indian operator, RPFAS Technologies Private Limited, is registered with FIU-IND (registration VA00031079) and is on the government's list of 54 registered VDA service providers tabled in the Lok Sabha on 30 March 2026. It is a reasonably safe choice by Indian standards, with no hack on record, but registration is not insurance: coins you keep on Mudrex are held by Mudrex, not by you.
Key takeaways
- Mudrex is run in India by RPFAS Technologies Private Limited, FIU-IND registration VA00031079. It is entry 11 on the official list of 54 registered platforms.
- FIU-IND registration is an anti-money-laundering requirement. It is not an RBI licence, a SEBI approval or a deposit guarantee.
- We found no hack, no FIU-IND penalty and no blocking order against Mudrex. Crypto withdrawals were paused for about two weeks in January 2025 for a compliance upgrade, then resumed.
- Mudrex deducts the 1% TDS on sells. Your gains are still taxed at 30% plus 4% cess, with no loss set-off.
- We score Mudrex 8.0/10, fourth of the 12 Indian apps we rank.
Is Mudrex legal in India?
Crypto is not banned in India. It is not legal tender, but buying, selling and holding it is allowed, and the government taxes it and regulates platforms for anti-money-laundering. Since a Finance Ministry notification of 7 March 2023, every platform that exchanges, transfers or holds crypto for Indian users must register with the Financial Intelligence Unit (FIU-IND) as a reporting entity under the Prevention of Money Laundering Act. Our guide to whether cryptocurrency is legal in India covers the wider rules.
Mudrex meets that requirement. On 30 March 2026, the Minister of State for Finance answered Lok Sabha Unstarred Question No. 5805 with a list of the 54 VDA service providers registered with FIU-IND as of 9 March 2026. RPFAS Technologies Private Limited, trading as Mudrex, is entry 11. The same answer listed 53 offshore platforms that FIU-IND has directed to be taken down in India; Mudrex is not among them.
There is no such thing as an "RBI-approved" crypto exchange. The RBI does not license crypto platforms, so any app claiming RBI approval is misleading you. We explain this in our RBI-approved crypto exchange guide.
Who runs Mudrex?
Mudrex was founded in 2018 in Bengaluru by Edul Patel, Alankar Saxena, Prince Arora and Rohit Goyal, and went through the Y Combinator start-up programme in early 2019. Its terms of use set out which company you deal with:
| Item | What we found |
|---|---|
| Indian operating company | RPFAS Technologies Private Limited |
| FIU-IND registration number | VA00031079 (published on Mudrex's compliance page) |
| Registered office | HSR Layout, Bengaluru, Karnataka |
| Who owns the platform | Mudrex Inc., a Delaware company, which licenses the platform to the Indian company |
| Entry on the Lok Sabha list | No. 11 of 54 |
| Other registrations claimed | Italy and Lithuania, for its European business |
| Security certifications claimed | ISO 27001:2022 and SOC 2 Type 2 |
The practical point: if you are an Indian resident, your contract is with RPFAS Technologies, an Indian company that answers to Indian law and to FIU-IND. That matters if you ever need to complain or go to court.
What FIU registration does and does not mean
The government itself has explained why it does not publish its register. In the same Lok Sabha answer, it said a public list might create the impression that registered platforms are licensed, approved or endorsed, and could mislead users into expecting regulatory protection after a fraud or loss. Keep that in mind when you read "FIU registered" in an app.
| FIU-IND registration means | It does not mean |
|---|---|
| Mudrex must run KYC on every user | Your coins are insured by the government |
| It reports suspicious transactions to FIU-IND | The RBI or SEBI supervises its finances |
| It keeps records and follows the FIU-IND AML guidelines | You get your money back if it fails or is hacked |
| FIU-IND can penalise it or have it blocked | Its products are checked for suitability |
Our FIU-registered crypto exchanges list shows every platform on the government's list and what each registration covers.
Has Mudrex been hacked or penalised?
We found no hack of Mudrex, no FIU-IND penalty order and no blocking notice. The one episode worth knowing about came in January 2025. Mudrex paused crypto withdrawals in mid-January 2025 to upgrade its compliance checks, said customer funds were safe, and kept rupee withdrawals open throughout. It promised to restore crypto withdrawals by 28 January 2025 and did so.
Pauses like that are not the same as a failure, but they show why you should not keep money on any exchange that you might need at short notice. We also could not find a published proof-of-reserves report from Mudrex. Some Indian exchanges publish one; for an example of what it looks like, see our CoinSwitch safety guide. If reserve proof matters to you, ask Mudrex support for it in writing.
How Mudrex holds your money
Mudrex is a custodial platform. Its terms say plainly that when you transfer assets to Mudrex you hand over custody, and that it will act on your instructions. Mudrex says it stores funds with institutional custodians. Its terms also say that if you suffer a loss because of Mudrex's own actions or omissions, it will make good that loss. That is a contractual promise from the company, not insurance from a regulator.
- Rupees in and out: deposits by UPI, IMPS or NEFT, and withdrawals to a bank account in your own name.
- Crypto withdrawals: allowed to an external wallet. Check the fee screen before each withdrawal, as the charge depends on the coin and network.
- Extra products: the terms also list token lending and crypto earning services. Any product that lends your coins out adds the risk that the borrower does not pay back.
If an exchange ever stops trading, what happens next depends on its records and any insolvency process. Our guide on what happens to your crypto if an exchange shuts down walks through it.
Mudrex products and the risk each carries
| Product | What it does | Main risk |
|---|---|---|
| Buy and sell coins | Spot purchases in rupees | Price swings; custody with Mudrex |
| Coin Sets | Ready-made baskets that rebalance | Rebalancing fees; baskets can still fall together |
| SIP | Automatic buys on a fixed schedule | Small, regular buys still lose money in long downturns |
| USDT futures | Leveraged contracts settled in USDT | Liquidation can wipe out your margin |
| INR futures (since 12 March 2026) | Leveraged contracts with rupee margin | Same leverage risk; tax treatment not settled |
For a SIP, compare Mudrex with other apps in our best crypto SIP app guide. Futures carry the biggest risk on the platform; read crypto futures in India: legality and tax before you use leverage. Fees, features and our hands-on notes are in the full Mudrex review.
TDS and tax on Mudrex
Mudrex deducts the 1% TDS automatically when you sell crypto, so you do not deposit it yourself. That TDS is a prepayment of tax, not the whole bill. Under the rules introduced as Section 115BBH, gains are taxed at a flat 30% plus 4% cess, only the cost of acquisition can be deducted, and losses cannot be set off or carried forward. You report trades in Schedule VDA of your return.
| Example: one sale on Mudrex | Amount |
|---|---|
| You buy bitcoin for | ₹1,00,000 |
| You later sell it for | ₹1,20,000 |
| TDS deducted by Mudrex (1% of the sale value) | ₹1,200 |
| Tax on the ₹20,000 gain (30% plus 4% cess) | ₹6,240 |
| Left to pay when filing, after TDS credit | ₹5,040 |
Check that each deduction shows in your Form 26AS and AIS; our guide on checking crypto TDS in Form 26AS and AIS shows where to look.
What this means for you
- Using Mudrex is legal and you are dealing with an Indian company on the government's register.
- Safety is about custody, not law. Keep only what you trade on the app. Move long-term holdings to a wallet you control, which Mudrex allows.
- Do not rely on the app being open every day. The January 2025 pause shows withdrawals can stop for a while, even at a registered platform.
- Treat futures separately. Leverage, not regulation, is the main way users lose money on any futures product.
- Keep your records. Download your trade history each year for Schedule VDA.
How to check any Indian crypto exchange
- Find the legal company name and the FIU-IND registration number, which starts with "VA", in the app's terms, compliance or about page.
- Confirm the company appears on the government's list of registered platforms on our FIU-registered exchanges page. FIU-IND's own website does not publish a register.
- Search for FIU-IND penalty orders and blocking notices against the platform. In September 2026, FIU-IND moved against 15 offshore platforms.
- Test a small rupee withdrawal to your bank before depositing more. Our guide to withdrawing crypto to a bank account explains the steps.
- Check whether the platform publishes proof of reserves, and whether it lets you withdraw coins to your own wallet.
- Download the app only from the official store listing, and switch on two-factor authentication.
How Mudrex compares with other Indian apps
We rank exchanges on our own editorial scores; no platform pays for its position. Here is how Mudrex sits among the leaders, with each company's entry on the Lok Sabha list.
| App | Our score | Our rank | Lok Sabha list entry | Safety guide |
|---|---|---|---|---|
| CoinDCX | 8.4/10 | #1 | No. 1 | Is CoinDCX safe? |
| Giottus | 8.2/10 | #2 | No. 5 | On our FIU list page |
| CoinSwitch | 8.1/10 | #3 | Nos. 9 and 10 | Linked above |
| Mudrex | 8.0/10 | #4 | No. 11 | This page |
| ZebPay | 7.9/10 | #5 | No. 7 | Is ZebPay safe? |
| Pi42 | 7.2/10 | #9 | No. 36 | Is Pi42 legal? |
For a case where registration did not prevent losses, read is WazirX safe now, about the July 2024 hack. The full ranking with all 12 apps is in our best crypto apps in India guide.
Related guides
- Is Giottus safe and legal in India?: FIU status and fees checked.
- Is Unocoin safe and legal in India?: history and FIU status.
- Is Bitbns safe and legal in India?: registration and the withdrawal delays explained.
FAQ
Is Mudrex registered with FIU-IND?
Yes. Its Indian operator, RPFAS Technologies Private Limited, holds FIU-IND registration VA00031079 and is entry 11 on the list of 54 registered platforms tabled in the Lok Sabha on 30 March 2026.
Is Mudrex approved by the RBI?
No, and no crypto exchange is. The RBI does not license or approve crypto platforms; the registration that applies is with FIU-IND for anti-money-laundering.
Is my money safe on Mudrex?
Mudrex has no hack or FIU-IND penalty on record, but your coins are in its custody and there is no government insurance. Keep only trading money on the app and move long-term holdings to your own wallet.
Is Mudrex an Indian company?
Indian users deal with RPFAS Technologies Private Limited, a Bengaluru company. The platform itself is owned by Mudrex Inc., a Delaware company that licenses it to the Indian business.
Can I withdraw crypto from Mudrex to my own wallet?
Yes, crypto withdrawals to an external wallet are allowed, with a fee that depends on the coin and network. Withdrawals were paused for about two weeks in January 2025 for a compliance upgrade and then resumed.
Does Mudrex deduct TDS?
Yes, Mudrex deducts 1% TDS on crypto sales automatically. You still owe 30% tax plus cess on any gain, and the TDS counts towards that bill.
This article is AI-assisted, educational and general in nature. It is not financial advice and never a guarantee of profit. Every trade is at your own risk on your own exchange. See our risk disclosure and editorial policy.
