Wyre Places 90% Withdrawal Limit on All Accounts
- The company noted that it will continue to operate, and that the 90% withdrawal limit will help it better navigate the prolonged bear market.
- Wyre CEO Yanni Giannaros has transitioned into a new role as executive chairman, while its CRO and CCO, Stephen Cheng, is taking the role of interim CEO.
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Wyre, a cryptocurrency payment provider based in San Francisco, has implemented a new policy that limits users to withdrawing up to 90% of their assets, the company said via Twitter on 7 January.
According to the announcement, the withdrawal limit was implemented for the “best interest of our community”, and will place the company in a better position to navigate the prolonged bear market we are experiencing. While the company will continue to operate “at this time”, users will only be able to withdraw up to 90% of the funds currently in their accounts. Wyre tweeted:
The company also noted that its CEO Yanni Giannaros has transitioned into a new role as executive chairman, and will continue to provide guidance and support to Wyre. The firm’s chief risk officer and chief compliance officer, Stephen Cheng, has now been appointed as interim CEO of Wyre.
The news comes shortly after Wyre laid off 75 employees amid reports that it was planning to shut down its business, though the Saturday announcement noted that its “operations continue and we will share information with the community as it is available”. Last week, popular crypto wallet MetaMast removed Wyre from its mobile aggregator, which enables users to buy crypto directly from the MetaMask wallet.
- The crypto exchange confirmed on Tuesday that it has started the process of integrating the technology, and that it is already running Lightning Network nodes.
- Crypto exchanges Kraken, OKX, and Bitfinex have already integrated the technology into their platforms, while Coinbase said it will do so in the future.
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- Binance.US warned that due to the “extremely aggressive and intimidating tactics” of the SEC it will be temporarily transitioning to an all-crypto exchange.
- The company said USD deposits are already suspended, and that its banking partners were preparing to pause USD withdrawals as early as 13 June.
- The crypto exchange blamed the issue on a decision made by its third party payments provider in Australia, noting that it is now looking for a new partner in the country.
- Binance Australia assured users that AUD withdrawals are still available, and that they can continue to buy and sell crypto using debit/credit cards and its P2P marketplace.