Wyre Imposes Limits on Withdrawals Amid Crypto Winter

• Wyre, a California-based crypto payment channel, has imposed limits on withdrawals for all users in light of the crypto-winter casualties.
• The platform allows cashing out of 90% of a user’s funds, with daily transaction limits imposed too.
• Wyre Payments announced the modification of its withdrawal policy via Twitter on January 7, days after the rumors that the platform would shut down its operations ending this month. Additionally, the crypto company uncovered the management shakeup with Yanni Giannaros stepping down as a CEO and now will compensate as an executive chairman at the platform.

The past few months have been a tumultuous time for the cryptocurrency industry. The prolonged crypto winter has seen many companies shut down operations or limit activities in order to survive. In a similar move, California-based crypto payment channel Wyre has imposed limits on withdrawals for all users.

The platform allows users to cash out 90% of their funds, with daily transaction limits imposed too. The number of BTC and ETH that can be withdrawn within 24 hours is fixed at 5 and 50 respectively. Similarly, the daily transaction limit for the US dollar stands at $1,500,000 and €1,400,000 in Euro.

Wyre Payments announced the modification of its withdrawal policy via Twitter on January 7, days after rumors that the platform would shut down its operations ending this month. These rumors could have pushed investors to withdraw funds from the platform, leading the crypto company to limit withdrawals in fear of insolvency. In a statement, Wyre noted that acting in the best interest of their community was their top priority, and they were exploring strategic options that would enable them to navigate the current market environment and deliver on their mission to simplify and revolutionize the global payments ecosystem.

In addition to the withdrawal policy, Wyre also unveiled a management shakeup with Yanni Giannaros stepping down as CEO and now compensating as an executive chairman at the platform. Stephen Cheng, the chief compliance and risk officer, will replace Yanni as the CEO of the company.

Wyre is the latest company to limit its activities in light of the crypto winter. It remains to be seen how the platform can survive the current market environment and continue to provide services to its users.

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