In financial difficulties like many other companies in the crypto sector, the payment provider Wyre has announced that it is now limiting withdrawals to 90% of the funds held by its customers on the platform.
After laying off 75 people, Wyre is taking new measures to enable it to survive this harsh crypto winter that has bankrupted many major players in the sector.
There are also additional withdrawal limits on the platform of 5 BTC and 50 ETH per day, as well as limits for fiat currencies such as Euros or Dollars.
In his Twitter statement, Weir says:
Hello Wyre community,
We want to give you an update on the current status of Wyre. We are changing our withdrawal policy. Although customers can continue to withdraw their funds, for the time being, We limit withdrawals to a maximum of 90% of the funds currently in each customer accountwhile observing the established daily limits.
Operating 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.
We also wanted to point out that we have made significant changes to our management structure. @yannigiannaros has moved into a new role as CEO and will continue to provide valuable guidance and support to Wyre. Stephen Cheng is our interim Managing Director – his skills as Chief Risk Officer and Chief Compliance Officer make him an ideal candidate to lead our business.
We sincerely appreciate the support and positive vibes from our community as well as the cryptocurrency ecosystem as a whole as we explore options that will allow Wyre to thrive. Our operations are ongoing and we will share information with the community as it becomes available. »
Hey Wyre community, we want to give you an update on the current state of Wyre.
– weary (@sendwyre) January 7, 2023
Wire’s press release also refers to a file CEO departure Yanni Gianaros who will assume the role of CEO, while Stephen Cheng, Chief Risk and Compliance Officer, will become interim CEO.
On the other hand, MetaMask crypto wallet, which has integrated Wyre as a payment gateway, has announced that it has removed Wyre.
MetaMask cryptocurrency wallet users still have the option to use it Transak, MoonPay, and Sardine (U.S. only), as well as Apple Pay, card and bank transfer solutions.
” be careful:
Wyre has been removed from our mobile pool.
Please do not use Wire. We are currently working on removing the extension and appreciate your patience. Transak, MoonPay, and Sardine (US only) are still available on Apple Pay, by card and bank transfer »🚀
🚨 Heads up – Wyre has been removed from our mobile pool. Please do not use Wire.
We are currently working on removing the extension and appreciate your patience.
Transak, MoonPay, and Sardine (US only) are still available on Apple Pay, Card, and Bank Transfers🚀
– MetaMask 🦊💙 (MetaMask) January 5, 2023
The introduction of these withdrawal limits will surely cause a panic among Wyre users who will want to withdraw all their funds.
A situation of course reminiscent of what happened to FTX, Celsius, BlockFi, Voyager Digital and other crypto platforms that had to suspend withdrawals from their clients in order to deal with a massive shortage of liquidity.
It remains to be seen if Wyre will survive the ordeal, however, restoring trust with its customers could be very difficult if the company can avoid bankruptcy.
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