Wyre has imposed a daily withdrawal limit on its platform, citing “the best interest of our community.”
Crypto payment platform Wyre modified its withdrawal policy to limit users from cashing out up to 90% of their assets, just days after two former employees allegedly hinted at the possibility of a shutdown.
On Jan. 7, Wyre imposed a withdrawal limit on its platform, citing “the best interest of our community.” Following the policy modification, Wyre users can withdraw up to 90% of their crypto funds as the company explores strategic options to circumvent the prolonged bear market.
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.
— Wyre (@sendwyre) January 7, 2023
In addition, the company appointed Yanni Giannaros, Wyre’s chief risk officer and compliance officer, as itsinterim CEO. Wyre users will be subject to changes in daily withdrawal limits as the platform entails new operational strategies.
Related: Bitcoin exchange withdrawals sink to 7-month low as users forget FTX
Reports suggest that Wyre’s issues have also resulted in a breakup of its partnership with crypto wallet MetaMask.
On Jan. 5, MetaMask announced the removal of Wyre from its mobile aggregator, which allows users to buy cryptocurrencies directly from the digital wallet.
“We’re currently working on extension removal and appreciate your patience,” MetaMask said, asking users not to use Wyre on the mobile aggregator.
