Crypto payments firm Wyre cuts withdrawal limits to 90% of funds

Hull Invest

Amid bankruptcy speculation, crypto payment platform Wire lowered withdrawal limits by 10% on Jan. 7. threadWyre announced that customers can only withdraw up to 90% of the funds in their accounts.

Users are subject to a daily withdrawal limit that allows them to withdraw only 5 Bitcoins (BTC) and 50 Ethereum (ETH) per day. In addition, his daily withdrawal limits for US dollars and euros are set at $150,000 and 140,000 euros respectively.

Wire based in California Claim More than 30 states in the US, Canada, Australia, the European Union and the UK will be licensed as money transfer providers.

The company said it was “exploring strategic options” to help it navigate the current market.Yanni Giannaros will step down as CEO and lead the company as executive chairman, Wrere announced.

Chief Risk and Compliance Officer Stephen Chen has been appointed interim CEO, Wyre added.

Axios is report According to the report, Giannaros told employees to “keep their heads up” as the company “may need to scale back operations in the coming weeks.”

Wyre was to be acquired by Bolt at a valuation of $1.5 billion, but the deal collapsed in September 2022. served Retired after serving as CEO until 2020.

Giannaros told Axios that the company is still operating but is looking to scale back as it evaluates options. But the payment company’s latest Twitter thread reassured users that “business will continue.”

January 5th, MetaMask announced Removed Wyre from mobile aggregators and urged users not to use Wyre while removing extensions.

January 6th, Wire Admitted We told users that we weren’t defenseless against the current headwinds in the cryptocurrency industry. The cryptocurrency market has been rocked by high-profile bankruptcies throughout 2022, the latest being his FTX.

In response to the withdrawal limit reduction, non-fungible token (NFT) collectibles company Topps has temporarily closed its shop and marketplace as a precautionary measure. Wire acted as a wallet for the Topps NFT Marketplace.

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