Crypto Payments Firm Wyre Puts Withdrawal Limits Amid Shutdown Rumors

Key Takeaways

  • As per the latest notice, Wyre users can withdraw up to 90% of their crypto funds.
  • Wyre states its “exploring strategic options” that will let it navigate its way through the current market environment.
  • The latest development comes amid reports that Wyre CEO Giannaros announced to staff that the firm is going to soon shutdown operations.

Crypto winter is knocking down big names in the industry one by one. Wyre-a US-based leading crypto payments firm, is the latest to be affected by it. Wyre has now imposed a withdrawal limit on its platform, citing “the best interest of our community.” As per the latest notice, Wyre users can now withdraw up to 90% of their crypto funds.

“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,” the official statement reads.

The crypto firm added that it is “exploring strategic options” that will let it navigate its way through the current market environment. The latest development comes amid reports that Wyre is likely on the brink of bankruptcy. Earlier this week, one of Wyre’s technical engineers took to Linkedin to state that “Wyre won’t continue as a profitable business.” The post has now been deleted

Reportedly, the company CEO Ioannis Giannaros has written an email to staff asking them to brace themselves for the upcoming weeks. “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,” the email reads.

Crypto experts are also of the same opinion that Wyre’s move to restrict withdrawals will only cause more hysteria among users. Cybersecurity expert John Reed Stark tweeted the withdrawal limit will only trigger more restrictions.

Earlier this week, MetaMask had ended its partnership with WyreCrypto Payments Firm Wyre Issues Withdrawal Limits Amid Shutdown Rumors. MetaMask had announced the removal of Wyre from its mobile aggregator while urging users not to use Wyre on the mobile aggregator.

Founded in 2013 in San Francisco, Wyre has now grown to be one of the leading crypto payment companies in the world. In April 2022, the US-based e-commerce startup Bolt agreed to acquire Wyre. However, owing to the bear market, Bolt stopped out of the deal in September 2022.

Saniya Raahath
Saniya Raahath

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