Wyre, a San Francisco-based crypto payments firm, is implementing withdrawal limits for user accounts, citing “the best interest of our community.” “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,” Wyre said in a Twitter post. Per Wyre’s website, there are daily withdrawal limits of 5 Bitcoin and 50 Ethereum, as well as 20,000 in either USDC, DAI, or Wrapped Ethereum (WETH). Daily fiat limits on withdrawals include $150,000 and €140,000. The firm added that it is committed to its mission to simplify and revolutionize the global payments ecosystem and is “exploring strategic options” that will let it navigate in the current market environment. The move follows last week’s reports that Wyre was preparing to close down shop this month. Though Wyre declined the allegations made by two former employees, the firm said that it “will be scaling back” to plan its next steps. Along with imposing withdrawal limits, Wyre announced important changes to its management structure, which saw CEO Ioannis Giannaros assume a new role as the firm’s executive chairman. According to the company, in his new capacity Giannaros “will continue to provide valuable guidance and support to Wyre.”
Full report : Wyre Announces Withdrawal Limits as Crypto Firm Navigates Crypto Winter.