Wyre Announces Withdrawal Limits As Crypto Firm Navigates Crypto Winter

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Wyre, a San Francisco-based crypto payment company, is implementing withdrawal limits for user accounts, citing the best interest of our community.

We are changing our withdrawal policy. While customers can continue to withdraw their funds, at this time we are limiting withdrawals to a maximum of 90% of funds currently in each customer account, subject to current daily limits, Wyre said in a Twitter post.

We are changing our withdrawal policy. Although clients can continue to withdraw their funds, we currently limit withdrawals to 90% of funds currently in each client account, subject to daily limits in effect.

Wyre (@sendwyre) January 7, 2023

According to the Wyres website, there are daily withdrawal limits of 5 Bitcoin and 50 Ethereum, as well as 20,000 in USDC, DAI, or Wrapped Ethereum (WETH). Daily trust limits on withdrawals include $150,000 and $140,000.

The company added that it is committed to its mission to simplify and revolutionize the global payments ecosystem and is exploring strategic options that will allow it to navigate the current market environment.

The move follows reports last week that Wyre was preparing to close shop this month. Although Wyre denied claims by two former employees, the company said it would scale back to plan its next steps.

The Wyre leadership reshuffle

In addition to imposing withdrawal limits, Wyre announced significant changes to its management structure, which saw CEO Ioannis Giannaros assume a new role as the company’s executive chairman.

According to the company, in his new role, Giannaros will continue to provide valuable advice and support to Wyre.

Stephen Cheng, who previously served as chief risk officer and chief compliance officer of Wyres, has been named interim CEO, with the company saying his skills make him well suited to lead our business.

Our operations are continuing and we will share information with the community as it becomes available, Wyre added.

In another sign of potential problems for the company, popular crypto wallet MetaMask announced last week the removal of Wyre from its mobile aggregator, which allows users to purchase digital assets directly through its extension.

Warning: Wyre has been removed from our mobile aggregator. Please do not use Wyre.

We are currently working on removing the extension and appreciate your patience.

Transak, MoonPay and Sardine (US only) are still available on Apple Pay, by card and by bank transfer

MetaMask (@MetaMask) January 5, 2023

Founded in 2013, Wyre was nearly taken over by e-commerce startup Bolt for $1.5 billion last year.

The purported deal was scrapped last September, with the two parties remaining independent companies while striking a business deal that saw Bolt agree to integrate Wyres’ one-click solution into its client platform.

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