27. January 2023

: Wyre Imposes Withdrawal Limits to Survive Crypto Winter

• California-based crypto payment channel Wyre has restricted user withdrawals in a bid to survive the crypto winter.
• The platform now allows cashing out of 90% of a user’s funds, with daily transaction limits imposed.
• Wyre Payments announced the modification of its withdrawal policy via Twitter and also unveiled a management shakeup with Yanni Giannaros stepping down as a CEO.

The California-based crypto payment channel Wyre has recently announced limits on withdrawals for all users in a bid to survive the crypto winter. The platform joins others that have previously restricted withdrawals or laid off their workforces. Per an official statement, the company now allows cashing out of 90% of a user’s funds, with daily transaction limits imposed too.

The number of BTC and ETH that could now be withdrawn within 24H is fixed at 5 and 50 respectively, while the daily transaction limit for the US dollar stands at $1,500,000 and €1,400,000 in Euro. Notably, Wyre Payments announced the modification of its withdrawal policy via Twitter on January 7, days after the rumors that the platform would shut down its operations ending this month. This news could have pushed investors to withdraw funds from a doubted payment gateway, and as a result, the crypto company limited withdrawals in fear of insolvency.

While addressing its community, Wyre noted in a tweet: “Acting in the best interest of our community is our top priority, and 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.”

Additionally, the crypto company uncovered the management shakeup with Yanni Giannaros stepping down as a CEO and now will compensate as an executive chairman at the platform. On the other hand, Stephen Cheng, the chief compliance and risk officer, has been appointed as the new CEO.

The restrictions imposed by Wyre come at a time when the crypto winter is causing casualties among crypto companies. With the bear market continuing since the end of 2017, many companies are struggling to survive. The latest move by Wyre is an attempt to remain afloat during this difficult time.