Wyre Now Limits Customers Daily Withdrawals To Less Than 90% Of Their Funds
- Wyre stated that each customer can only withdraw 90% of their account balances, subject to current daily limits.
- Yanni Giannaros transitioned into a new role as Executive Chairman, while Stephen Cheng will be the interim Chief Executive Officer.
Wyre, a cryptocurrency payment service, announced a regulation modification that would limit users’ withdrawals to no more than 90% of the funds already held in each account.
The announcement was released by Wyre’s Twitter official account, saying that they are modifying their withdrawal policy. While their customers will continue to be able to withdraw their funds, at this time, the firm will be limiting withdrawals to no more than 90% of the funds currently in each customer account.
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.
This new regulation applies to all clients who use its services, and any withdrawal requests that exceed this limit will be denied.
Wyre stated that by limiting the amount consumers may withdraw, the company will be better positioned to withstand any financial crises in the future. According to the business, the increased withdrawal restriction would allow it to negotiate the present market climate.
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 firm also updated about the management structure that Yanni Giannaros transitioned into a new role as Executive Chairman, while Stephen Cheng will be the interim Chief Executive Officer.
Wyre lay off 75 staff last week amid allegations that the company was set to close. Besides, Wyre stated in an update that its operations will continue.
Our operations continue and we will share information with the community as it is available.The statement said
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