Wyre users will be able to withdraw up to 90% of their assets.
Wyre, a regulated Money Service Business (MSB) operating as a crypto payment platform, has limited customer withdrawals.
According to the tweet shared on January 7th, the company has modified its withdrawal policy. The updated policy notes that users can withdraw up to 90% of the funds held in their accounts.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is FUD in Crypto? (Fear, Uncertainty & Doubt Explained)
Although the company did not provide the exact reason for such a move, it claims that the changes in its withdrawal policy will “enable <the company> to navigate the current market environment.”
Acting in the best interest of our community is our top priority, and we are exploring strategic options for our company that will enable us to navigate the current market environment and deliver on our mission to simplify and revolutionize the global payments ecosystem.
On top of that, the company revealed that it has made some “important changes to <its> management structure.” Wyre has appointed its Chief Risk Officer (CRO) and Chief Compliance Officer (CCO), Yanni Giannaros, as its interim Chief Executive Officer (CEO).
The company ended its Twitter thread by thanking the community for its support and “positive sentiments.” On top of that, the company promised to share more information with its customers when it becomes available.
The news comes almost a week after Wyre CEO Ioannis Giannaros reportedly sent an email to the company’s employees, stating that they should “brace themselves for the fact that <the company> will need to unwind the business over the next couple of weeks.”
On January 4th, crypto bank Juno urged its users to sell or self-custody their digital assets held in Juno checking accounts. The company claimed that the move was caused due to uncertainty surrounding its "crypto partner,” which is believed to be Wyre.
On the same day, digital collectables marketplace VeVe also suspended all “Payout and crypto pay-in (beta) requests” made through Wyre.
On top of that, on January 5th, MetaMask announced that it is removing Wyre from its mobile aggregator. At that time, the company claimed that it was working on “Extension removal” and offered customers to use other payment platforms.
