Sunday 29 January 2023
Home / none / Wyre imposes up to a 90% withdrawal limit for all users

Wyre imposes up to a 90% withdrawal limit for all users

Crypto payment platform Wyre modified its withdrawal policy to limit users from cashing out up to 90% of their assets just days after two former employees allegedly hinted the possibility of a shutdown.

On Jan. 7, 2023, Wyre imposed a withdrawal limit on its platform, citing “the best interest of our community.” Following the policy modification, Wyre users can withdraw up to 90% of their crypto funds as the company explores strategic options to circumvent the prolonged bear market.

In addition, the company appointed Yanni Giannaros, Wyre’s chief risk officer and compliance officer, as the interim CEO. Wyre users will be subject to changes in daily withdrawal limits as the platform entails new operational strategies.

Related: Bitcoin exchange withdrawals sink to 7-month low as users forget FTX

Reports suggesting a collapse of Wyre resulted in its breakup of partnership with crypto wallet MetaMask.

On Jan. 5, MetaMask announced the removal of Wyre from its mobile aggregator, which used to allow users to buy cryptocurrencies directly from the digital wallet.

“We’re currently working on extension removal and appreciate your patience,” MetaMask said, asking users not to use Wyre on the mobile aggregator.

Original Article

About Jude Savage

Check Also

Solana price rally risks exhaustion after SOL’s 120% pump in two weeks

Solana (SOL) price is up an impressive 60% since the new year, partially boosted by hype surrounding meme cryptocurrency Bonk (BONK). However, the SOL/USD pair now shows signs of exhaustion, raising anticipations that the token may see a short-term correction in the coming days. Solana turns overboughtSolana is one of the best performing cryptocurrencies so far in 2023 after being one of the biggest losers in 2022. On Jan. 9, SOL's price jumped to as high as $19.50, or around 120% gains in a recovery rally after sliding below $8 on Dec. 29, 2022. But the price spik also turned Solana into an overbought asset, per its daily relative strength index (RSI) reading above 70, as shown below. SOL/USD daily price chart. Source: TradingViewTraditional investors typically see an overbought RSI as a potential sell signal, given the indicator has historically coincided with a period of buyer exhaustion. As a result, SOL's price could enter a correction or a sideways consolidation stag..

Leave a Reply

Your email address will not be published. Required fields are marked *