Wyre imposes up to a 90% withdrawal limit for all users

Crypto payments platform Wyre has changed its withdrawal policy to restrict users from cashing up to 90% of their assets, days after two former employees allegedly hinted at a possible shutdown. .

On January 7, 2023, Wyre imposed withdrawal limits on its platform, citing “the best interest of the community.” After the policy change, Wyre users will be able to withdraw up to 90% of their crypto funds to explore strategic options to avoid a prolonged bear market.

In addition, Yani Giannaros, Wire’s chief risk officer and compliance officer, was named interim CEO. Wyre users may see changes in daily withdrawal limits as the platform requires new operational strategies.

Related: Bitcoin Exchange Withdrawals Sink To 7-Month Low As Users Forget FTX

Reports suggesting Wyre’s demise led to the termination of its partnership with cryptocurrency wallet MetaMask.

On January 5th, MetaMask announced that it would be removing Wyre from its mobile aggregator. This was to allow users to purchase cryptocurrencies directly from their digital wallets.

MetaMask urged users not to use Wyre on mobile aggregators, saying, “We are currently working on removing the extension, please be patient.”