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

Crypto fee platform Wyre modified its withdrawal coverage to limit users from cashing out up to 90% of their property simply days after two former staff allegedly hinted the potential for a shutdown.

On Jan. 7, 2023, Wyre imposed a withdrawal limit on its platform, citing “one of the best curiosity of our neighborhood.” Following the coverage modification, Wyre users can withdraw up to 90% of their crypto funds as the corporate explores strategic choices to circumvent the extended bear market.

In addition, the corporate appointed Yanni Giannaros, Wyre’s chief threat officer and compliance officer, because the interim CEO. Wyre users can be topic to modifications in every day withdrawal limits because the platform entails new operational methods.

Related: Bitcoin alternate withdrawals sink to 7-month low as users overlook FTX

Reports suggesting a collapse of Wyre resulted in its breakup of partnership with crypto pockets MetaMask.

On Jan. 5, MetaMask introduced the removing of Wyre from its cell aggregator, which used to permit users to purchase cryptocurrencies immediately from the digital pockets.

“We’re presently engaged on extension removing and admire your endurance,” MetaMask stated, asking users not to use Wyre on the cell aggregator.