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

Crypto payment platform Wyre modified its withdrawal policy to limit users from cashing out up to 90% of their assets just days after two former employees allegedly hinted the possibility of a shutdown.

On Jan. 7, 2023, Wyre imposed a withdrawal limit on its platform, citing “the best interest of our community.” Following the policy modification, Wyre users can withdraw up to 90% of their crypto funds as the company explores strategic options to circumvent the prolonged bear market.

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.

In addition, the company appointed Yanni Giannaros, Wyre’s chief risk officer and compliance officer, as the interim CEO. Wyre users will be subject to changes in daily withdrawal limits as the platform entails new operational strategies.

Related: Bitcoin exchange withdrawals sink to 7-month low as users forget FTX

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

On Jan. 5, MetaMask announced the removal of Wyre from its mobile aggregator, which used to allow users to buy cryptocurrencies directly from the digital wallet.

“We’re currently working on extension removal and appreciate your patience,” MetaMask said, asking users not to use Wyre on the mobile aggregator.