The latest crypto payments company to impose restrictions on their customers is Wyre, however, they are just minor changes at the moment.
Crypto Payments Platform Wyre Imposes Withdrawal Limits, On Jan. 8, crypto installments firm Wyre reported that it was “changing its withdrawal strategy.” The move adds a cutoff to withdrawals of something like 90% of the assets in client accounts. All in all, Wyre clients can’t totally exhaust their records.
There are extra withdrawal cutoff points of 5 BTC and 50 ETH each day, and cutoff points on fiat withdrawals, nonetheless, most crypto trades have layered limits.
The move proposes developing worry about bankruptcy and a potential liquidity crunch should nervous clients need their cashback in a rush. It could likewise set off a furor of withdrawals which could bring about additional limitations forced.
Wyre on The Wire
Wyre added that it, too, was suffering during the lengthening crypto winter, which has been exacerbated by several high-profile meltdowns in 2022.
“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.”
There was also a bit of an executive shakeup with Yanni Giannaros stepping down as CEO. He will assume the role of executive chairman, with chief risk and compliance. Officer Stephen Cheng stepped up as interim CEO, according to the firm.
Wyre has also separated from leading crypto wallet provider MetaMask. On Jan. 6, MetaMask posted an update stating that the platform has been removed from its mobile aggregator, adding, “please do not use Wyre.”
According to an Axios report earlier this month, Wyre told employees that it was shutting down. Then CEO Giannaros reportedly said:
“We’ll continue to do everything we can, but I want everyone to brace themselves for the fact that we will need to unwind the business over the next couple of weeks,”
Wyre was acquired by fintech firm Bolt for $1.5 billion in April 2022.
Crypto Market Update
Crypto markets are a rare sea of green during the Monday morning Asian trading session. Total capitalization is up 3.3% over the past 24 hours to reach $884 billion.
It is the highest markets have traded since mid-December, however, zooming out shows that things are still range bound.
Bitcoin has topped $17K with a 2% daily gain, while Ethereum is up 3.7%, topping $1,300 at the time of writing.
