Crypto payments company Wyre announced that its customers would only be able to withdraw 90% of their account balance due to the current state of its business.
According to the Jan. 7 Twitter thread, the new withdrawal policy was made in the best interest of its customers. The firm added that the withdrawals would still be subject to each customer’s daily withdrawal limit.
Earlier in the week, reports emerged that the crypto payment company might be shutting its operations, with former CEO Ioannis Giannaros saying the company would scale back its operations.
Wyre Gets New CEO
Additionally, the company announced that it has now changed its management structure. Ioannis Giannaros has transitioned into executive chairman, while Stephen Cheng, the Chief Risk Officer and Chief Compliance Office, will serve as the interim CEO.
Meanwhile, a Jan. 6 statement said Wyre was affected by the current macroeconomic condition and recent events in the crypto industry. The firm is now considering strategic options to survive its current situation.
“We are exploring strategic options for our company that will enable us to navigate the current market environment and deliver on our mission to simplify and revolutionize the global payments ecosystem,” the announcement stated.
Crypto Companies Suffer Blowbacks from Wyre
Wyre’s problems appear to have affected several other crypto companies that use its service. One such company is Topps, a collections company that told its customers it was assessing the situation.
Several reports on Twitter showed that the platform suspended its NFT transactions. Part of its announcement reads:
“We are temporarily suspending transactions in the shop and marketplace immediately. Rest assured that your collection continues to be safe and secure.”
Before Topps, crypto bank Juno advised its customers to either move their digital assets into self-custody or sell them because of the uncertainty with its crypto partner. The precautionary measure now seems justified in light of Wyre’s latest move.
Besides that, top crypto wallet MetaMask ended support for Wyre because of its issues. According to the firm, it has removed the payment option from its mobile aggregator and is working on removing it from the extension. MetaMask advised its users to use other options like Transak, MoonPay, and Sardine.
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