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.


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.

Related Coverage
Celsius Allowed to Proceed with Flare Token Distribution
  • Due to Celsius’ prior agreement with Flare, the U.S. bankruptcy court has authorized the crypto lender to credit eligible account holders with the FLR they were entitled to.
  • During the Tuesday hearing, Celsius’ lawyers proposed a new plan to reorganize the company, and issue a new token that would entitle its holders to receive dividends over time.
January 25, 2023, 3:14 PM


Coinbase to End Operations in Japan
  • The crypto exchange cited market conditions for its decision to exit the country, and gave users until 16 February to withdraw their assets.
  • Coinbase is following in the footsteps of crypto exchange Kraken, which announced it will be ending operations in Japan on 28 December.
Genesis Reportedly Owes Over $3B to Creditors
  • People familiar with the matter have said that Genesis had hired investment bank Moelis to explore its options to cover the shortfall, but there was little capital infusion interest.
  • The sources further said that Genesis’ parent company, Digital Currency Group, was now looking to sell a portion of its venture capital portfolio to fill in the shortfall.