Wyre Limits WithdrawalsTo 90% For All Users

Jessie A Ellis  Jan 08, 2023 10:08  UTC 02:08

0 Min Read

After only a few days, the cryptocurrency payment platform Wyre changed its withdrawal policy in order to prevent users from withdrawing up to 90 percent of their assets. This change came after two former employees were said to have hinted about the likelihood of the firm's demise. This action took place not even a week after the reports began to circulate. After being made aware of the development, this change was implemented without delay.

Wyre implemented a change on January 7 that places a cap on the amount of money that users can withdraw from the platform, stating "the greatest interest of our community" as the motivation behind the decision.

Customers of Wyre are now permitted to withdraw up to 90 percent of their crypto money as a direct result of the change in policy, which comes at a time when the company is evaluating its strategic decisions in an effort to steer clear of the prolonged bear market.

The company has hired Yanni Giannaros to serve as its interim CEO. Giannaros is currently the chief risk officer and compliance officer for Wyre. Giannaros will immediately take on accountability for this responsibility.

The platform adopting new methods of operation, there will be modifications made to the daily withdrawal limitations that are pertinent to Wyre users. These alterations are anticipated to take place in the not-too-distant future.

According to a number of different reports, the problems that Wyre is having have also led to the suspension of the company's association with the cryptocurrency wallet known as MetaMask. This new turn of events is a direct consequence of the problems with Wyre.

On January 5, MetaMask published a statement announcing that it would remove Wyre from its mobile aggregator. This modification will take effect as soon as possible. Because of this functionality, users now have the possibility to purchase cryptocurrencies without ever having to leave their digital wallets.

Users have reported receiving the following statement from MetaMask, which requests that users refrain from utilizing Wyre on the mobile aggregator: We are now working to remove the extension, and we thank you in advance for your patience.


Read More