Cryptocurrency platform Wyre imposes a withdrawal limit of up to 90% for all users. Wyre put a daily withdrawal limit on the platform, citing the aim of ‘to best serve the interests of the community’.
Wyre has brought a withdrawal limit to its users!
Crypto payment platform Wyre has changed its withdrawal policy to limit users from cashing out 90% of their assets, just days after two former employees allegedly hinted at the possibility of shutdown. On January 7, 2023, Wyre placed a withdrawal limit on its platform, citing the aim of ‘to best serve the interests of the community’. Following the policy change, the company is exploring strategic options to circumvent the extended bear market. Under the new app, Wyre users can withdraw up to 90% of their crypto funds. In this context, the cryptocurrency platform shared the following on Twitter:
Hey Wyre community, we’d like to provide you with an update on the current status of Wyre. We are changing our withdrawal policy. Customers will continue to withdraw their money. However, we currently limit withdrawals to no more than 90% of funds available in each client account, subject to current daily limits.
Wyre also stated that acting in the best interests of the community is their top priority. To this end, he noted that they are exploring strategic options for the company in the current market environment.
Cryptocurrency platform also changed the management
In addition, the company has appointed Yanni Giannaros, Wyre’s chief risk officer and chief compliance officer, as interim CEO. Wyre users will be subject to changes in daily withdrawal limits as the platform requires new operational strategies. In this context, the crypto platform made the following statement:
We also wanted to share that we have made some important changes to our management structure. Yanni Giannaros has transitioned to a new role as Chief Executive Officer and will continue to provide valuable guidance and support to Wyre. Stephen Cheng is our interim CEO. His skills as our Director of Risk and Director of Compliance make him well-suited to lead our company.
cryptocoin.comAs you follow, reports suggesting that Wyre has crashed have resulted in the termination of its partnership with crypto wallet MetaMask. On January 5, MetaMask announced the removal of Wyre from its mobile aggregator, which allows users to purchase cryptocurrencies directly from the digital wallet. “We are currently working on extension removal and we appreciate your patience,” MetaMask said, asking users not to use Wyre on mobile aggregator.
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