Wyre limits withdrawals and names interim CEO

Wyre limits withdrawals and names interim CEO

Wyre, a cryptocurrency payments provider, has announced new withdrawal policies and executive restructuring

According to the announcement, customers can only withdraw 90% of their daily account balance. The company's Chief Risk Officer and Chief Compliance Officer have also been elevated to the position of interim CEO. These alterations are in response to reports that the company processing cryptocurrency payments was shutting down. However, CEO Loannis Giannaros offered a different explanation, saying the business was merely “scaling back.” On January 6th, Wyre declared it is “exploring strategic options.” It's up for grabs what that means.

The cryptocurrency payments firm was rumored to be planning layoffs on January 4. The news came after the failed $1.5 billion Bolt purchase agreement and the resignation of co-founder Michael Dunworth.

On January 7th, Wyre updated the community to dispel rumors that had been circulating about the company.

In light of the current macroeconomic environment and the recent developments that have shaken the cryptocurrency market, the company admitted that it was not immune to the difficulties posed by these factors. Also, the company's management has changed, with interim CEO Stephen Cheng taking over for outgoing executive chairman Ioannis Giannaros. Wyre also mentioned withdrawal changes in its update, suggesting that users' withdrawal amounts have been capped.

Wyre has announced in their latest update that it will be modifying its policy regarding customer withdrawals. Customers will still make withdrawals despite this. However, the company only allows customers to withdraw up to 90% of their daily funds. The latest report states,

“this will best position us to serve and achieve maximum value for their customers and stakeholders.”
Wyre limits withdrawals and names interim CEO

An email from Topps demonstrates how Wyre's withdrawal issue has spread to other cryptocurrency markets. Customers are informed about the situation and how it affected the demand for non-fungible tokens by this business, which sells candy and collectibles (NFTs). The email from Topps reads,

“You may have seen the news about Wyre, a company that offers wallet services for our secondary market, possibly scaling back or closing. Wyre has made a formal statement after assessing the situation.”

As a precaution, Topps further stated that they are temporarily suspending marketplace and in-store transactions. This suspension is effective immediately. He further assured customers that their collection was secure.

Disclaimer: Nothing on this site should be construed as a financial investment recommendation. It’s important to understand that investing is a high-risk activity. Investments expose money to potential loss.



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