Wyre imposed a daily withdrawal limit on its platform subject, citing “the best interest of our community.”
Just days after two former workers purportedly warned at the prospect of a closure, cryptocurrency payment company Wyre amended its withdrawal policy to restrict users from cashing out up to 90% of their assets. This new rule applies to alll customers using its service and means any withdrawal requests exceeding this limit will be rejected.
Wyre put a withdrawal cap on its platform on January 7, 2023, citing “the best interest of our community.” Users of the crypto currency payment company can now withdraw up to 90% of their cryptocurrency funds as the company looks into alternative strategic options to avoid the protracted bear market.
“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,” it said on Twitter.
Last week, Wyre laid off 75 emplyees amid reports the firm was planning to shut down. In an update, the crypto currency payment company said its operations would continue.
There have been rumors that Wyre’s demise caused its cooperation with the digital wallet MetaMask to end. The removal of the crypto currency payment firm from MetaMask’s mobile aggregator, which previously allowed users to purchase bitcoins directly from the digital wallet, was revealed on January 5.
“We’re currently working on extension removal and appreciate your patience,” MetaMask said, asking users not to use Wyre on the mobile aggregator.
