Crypto Startup Wyre Limits Customer Withdrawals Due To Financial Situation

In the company’s present financial situation, crypto payments startup Wyre informed its customers that it would only allow them to withdraw 90% of their account balance.

According to the thread on Twitter from January 7, the business implemented the new withdrawal policy to best serve its clients. The company said that the daily withdrawal cap for each user will still apply to the withdrawals.

We are modifying our withdrawal policy. While customers will continue to be able to withdraw their funds, at this time, we are limiting withdrawals to no more than 90% of the funds currently in each customer account, subject to current daily limits.

According to reports that surfaced earlier in the week, the crypto payment company may have been shutting down. Former CEO Ioannis Giannaros said the company would curtail its operations.

Wyre Obtains A Newest CEO

Furthermore, the business disclosed that its management structure had been modified. While Chief Risk Officer Stephen Cheng, Officer, and Chief Compliance Officer, will take over as interim CEO, Ioannis Giannaros has moved up to executive chairman.

According to a statement from January 6, recent developments in the cryptocurrency industry and the present financial situation reportedly impacted Wyre. In a the company is now considering strategic strategies to get through its current crisis.

Company looking into strategic options. Aim is to simplify and modernize global payments ecosystem. Notably, Its issues have impacted several other cryptocurrency businesses using Wyre’s service. One such business is the collections firm Topps, which informed its clients that it was evaluating the situation.

Additionally, Several reports state that Twitter suspended NFT transactions. This is what it says in part:

We are temporarily suspending transactions in the shop and marketplace immediately. Rest assured that your collection continues to be safe and secure.

Additionally, Due to the unpredictability of its crypto partner, crypto bank Juno urged its clients before Topps to either sell or take their assets into their custody.

Related Reading | DeFi Protocol Balancer Issues Urgent Warning To Liquidity Providers

In addition, because of Wyre’s problems, the most popular cryptocurrency wallet MetaMask stopped supporting it. The company claims that it has removed the payment option from its mobile provider. It is also working to remove the payment option from its extension. The team behind MetaMask recommended that users switch to alternatives like Sardine, MoonPay, and Transak.

Comments (No)

Leave a Reply