Wyre limits withdrawals to 90% of customer funds

Wyre will allow its customers to withdraw only 90% of their funds.

The company said the move is to allow it to navigate the current market conditions.

Wyre’s CEO has become the company’s executive chairman.

Wyre sets withdrawal limits for its customers

Cryptocurrency payment platform Wyre announced over the weekend that it had set a new withdrawal limit for its customers. 

While announcing this latest cryptocurrency news on Twitter, the company said the move was to ensure it could navigate the current market conditions.

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

Wyre said its customers could only withdraw 90% of their funds. The company wrote;

“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 added that the move was in the best interest of its community. It added that it is also exploring strategic options that would enable Wyre to navigate the current market environment and deliver on its mission to simplify and revolutionise the global payments ecosystem.

This latest development comes just a few days after the company laid off 75 employees. Similar to other leading crypto companies, Wyre is navigating the current crypto winter by cutting costs in various aspects.

Wyre makes management changes

In addition to the withdrawal limits placed on its customers, Wyre announced a crucial management change within the company.

Wyre announced that CEO Ioannis Gianna has transitioned into a new role as executive chairman. This is part of the major changes to the company’s management structure. 

Stephen Cheng will serve as the interim Chief Executive Officer after serving as the Chief Risk Officer, and Chief Compliance Officer in recent years.

The crypto winter saw Bitcoin lose more than 60% of its value over the last few months. At the moment, the price of Bitcoin stands at $17,200 per coin.