Wyre Limits Client Withdrawals to 90% so it Can ‘Navigate the Current Environment’
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The crypto-focused payments provider Wyre has limited withdrawals for its clients to 90% of funds held in the account, citing a need to “navigate the current market environment.”
"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 statement posted on Twitter this weekend.
The company added that the change was made “in the best interest of our community,” and said it is “exploring strategic options” for the company as it navigates the current market conditions.
The new withdrawal policy applies to all Wyre customers. Requests for withdrawals that exceed 90% of the funds held in an account will be rejected.
The change in the withdrawal policy came as Wyre CEO Ioannis Gianna transitioned to a new role as executive chairman of the company.
The new CEO of Wyre is Stephen Cheng, who previously served as the company’s Chief Risk Officer and Chief Compliance Officer.
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