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Crypto payment platform Wyre sets up to 90% withdrawal limit for users
Wyre Sets Withdrawal Limits: On January 8, Crypto payment platform Wyre announced that it was “changing its withdrawal policy,” lowering withdrawal limits by 10%. In a tweet, ThreadWyre announced that customers can only withdraw up to 90% of their account funds. This means that Wyre users cannot completely empty their accounts.
Users are subject to daily withdrawal limits of 5 BTC and 50 ETH per day as well as fiat currency withdrawal limits, although most crypto exchanges have tiered limits. In addition, his daily withdrawal limits for US dollars and euros are set at $150,000 and 140,000 euros respectively.
California-based Wyre claims to be licensed to operate money transfers in more than 30 US states, as well as Canada, Australia, the European Union, and the UK. The company said it was “exploring strategic options” to help it navigate the current market. Yanni Giannaros will step down as his CEO and lead the company as his executive chairman, Wrere announced.
Dear Wyre community, we would like to give you an update on the current state of Wyre.
— Wire (@sendwyre) January 7, 2023
The Wyre issue also reportedly ended its partnership with cryptocurrency wallet MetaMask. On January 5th, MetaMask announced the removal of Wyre from its mobile aggregator. This will allow users to purchase cryptocurrencies directly from their digital wallets.
MetaMask urged users not to use Wyre on mobile aggregators, saying, “We are currently working on removing the extension, please be patient.”
There was also a minor management change with Yanni Giannaros stepping down as CEO. He will assume the role of executive chairman, with chief risk and compliance officer Stephen Chen as interim CEO, the company said.
Wre has also spun off from MetaMask, a leading cryptocurrency wallet provider. On January 6th, MetaMask posted an update stating that the platform had been removed from its mobile aggregator, adding, “Don’t use Wyre.”
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