Wyre, a cryptocurrency payment service provider, has announced a change in policy that would prevent consumers from taking out more than 90% of the money currently in their accounts.
Acting in the best interest of our community is our top priority, and we are exploring strategic options for our company that will enable us to navigate the current market environment and deliver on our mission to simplify and revolutionize the global payments ecosystem.
— Wyre 🔊 (@sendwyre) January 7, 2023
“We are modifying our withdrawal policy. While customers will continue to be able to withdraw their funds, at this time, we are limiting withdrawals to no more than 90% of the funds currently in each customer account, subject to current daily limits,” it said on Twitter.
All users of its services are subject to this new regulation, and withdrawal requests larger than this limit will be denied. Wyre asserted that by limiting the amount consumers can withdraw, the business would be better prepared to withstand any impending financial storms. The company said the new withdrawal limit would “enable it to navigate the current market environment.”
75 staff were let go by Wyre last week amid rumors that the company was considering closing. In a statement, Wyre stated that business as usual would apply. “Our operations continue and we will share information with the community as it is available,” it noted.
Wyre added that CEO Ioannis Gianna has transitioned into a new role as executive chairman as part of a major change to the firm’s management structure. The firm has appointed Chief Risk and Compliance Officer Stephen Cheng as interim CEO.
Read more:
- Huobi Would Lay Off 20% Of Its Employees
- Indonesia Announces Plans To Launch A National Crypto Exchange
- Kraken Announced That It Will Withdraw From Japan Market At The End Of January 2023