Wyre, a San Francisco-based crypto payments company, implements withdrawal limits for user accounts, citing the “best interest” of customers.
We are amending our withdrawal policy. While customers will continue to withdraw their funds, at this time we are limiting withdrawals to no more than 90% of the funds currently in each customer’s account, subject to the current daily limits.”
According to the website, there are daily withdrawal limits of 5 bitcoins and 50 ether, as well as 20,000 in USDC, DAI, or Wrapped Ethereum (WETH).
The company added that it is committed to its mission of simplifying and revolutionizing the global payments system and to “explore strategic options” that will allow it to navigate the current market environment.
Renew Wire
Along with imposing withdrawal limits, Wyre announced major changes to its management structure, which saw CEO Ioannis Giannaros take on a new role as CEO of the company.
In his new position, Giannaros will continue to “provide valuable guidance and support to Wyre.”
Stephen Cheng, who previously held the positions of Chief Risk Officer and Chief Compliance Officer at Wyre, has been named interim CEO, with the company saying his skill set “makes him a perfect fit to lead our company.”
“Our operations continue and we will share information with the community as it becomes available,” the company added.
In another sign of more potential troubles for the company, popular crypto wallet MetaMask last week announced the removal of Wyre from the mobile aggregator, allowing users to buy digital assets directly through its extension.