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Wyre sets a withdrawal limit: On Jan. 8, Crypto payment platform Wyre announced that it was "modifying its withdrawal policy" and slashed its withdrawal limits by 10%. In a tweet ThreadWyre announced that its customers can now only withdraw up to 90% of the funds in their accounts. In other words, Wyre users cannot completely empty their accounts.
Users will still be subject to the daily withdrawal limit of 5 BTC and 50 ETH per day, and limits on fiat withdrawals, however, most crypto exchanges have tiered limits. In addition, daily withdrawal limits for the US dollar and the euro have been set at $150,000 and €140,000, respectively.
California-based Wyre claims to be licensed as a money transmitter business across more than 30 states in the US as well as Canada, Australia, European Union, and the UK. The firm said it is "exploring strategic options" to help it navigate the current market. Yanni Giannaros has stepped down as CEO and will be guiding the firm as executive chairman, Wyre announced.
Hey Wyre community, we want to provide you with an update regarding the current state of Wyre.
— Wyre (@sendwyre) January 7, 2023
Reports suggest that Wyre's issues have also resulted in a breakup of its partnership with crypto wallet MetaMask. On Jan. 5, MetaMask announced the removal of Wyre from its mobile aggregator, which allows 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.
There was also a bit of an executive shakeup with Yanni Giannaros stepping down as CEO. He will assume the role of executive chairman, with chief risk and compliance officer Stephen Cheng stepping up as interim CEO, according to the firm.
Wyre has also separated from leading crypto wallet provider MetaMask. On Jan 6, MetaMask posted an update stating that the platform has been removed from its mobile aggregator, adding, "please do not use Wyre."
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