Crypto payment provider Wyre is limiting withdrawals to 90% of funds held by its customers.
In financial trouble like many other companies in the crypto sector, payment provider Wyre has announced that it is now limiting withdrawals to 90% of funds held by its customers on the platform.
Through a tweet posted on January 7, Wyre announced:
“We are limiting withdrawals to no more than 90% of funds currently in each customer account, subject to current daily limits.”
There are also additional withdrawal limits on the platform that are 5 BTC and 50 ETH per day, as well as limits on withdrawals in fiat currencies such as euros or dollars.
In another tweet, the company shared with the community the reasons for limiting withdrawals to a maximum of 90% of funds:
“Acting in the best interest of our community is our top priority, and we are exploring strategic options for our business that will allow us to navigate the current market environment and fulfill our mission to simplify and revolutionize the global payments ecosystem.”
Wyre’s statement also indicates the departure of CEO Yanni Giannaros, who will hold the role of executive chairman, while Stephen Cheng, chief risk and compliance officer, will become interim CEO.