The cryptocurrency payment company Wyre has decided to implement a withdrawal cap in order to look out for “the greatest interest” of the community. They came to the decision to put a cap of 90% on withdrawals for all customers. This decision was made after reports circulated that the firm will be closing its doors in the very near future.
Within such a short period of time after these reports began to spread, people began withdrawing their monies. As a result of this incident, Wyre made the decision to restrict and prevent the withdrawal of users. In a nutshell, individuals are unable to get all of the cash that are stored in their accounts.
They made the announcement on January 7th via their Twitter account on their policy regarding changes. Users are permitted to withdraw up to ninety percent of their money after the adjustment of the policy. In addition, after Yanni Giannaros’ resignation as CEO of Wyre, the company announced that Stephen Cheng has been selected to serve as the company’s temporary CEO.
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.
— Wyre 🔊 (@sendwyre) January 7, 2023
On the other side, MetaMask said that it has taken Wyre off of the mobile aggregator that it offered. MetaMask asked users not to use Wyre on the mobile aggregator in a tweet that said, “We’re presently working on extension removal and appreciate your patience.” The company also thanked users for their understanding.
Compiled by Coinbold