San Francisco-based crypto payments firm Wyre is implementing 90% withdrawal limits for user accounts, “acting in the best interest of our community”
Wyre introduces withdrawal limits. Image: pexels.com
Wyre announced it has changed its withdrawal policy, introducing limits of 90% of the funds available in users’ accounts. Additionally, Wyre customers face daily withdrawal limits for both crypto and fiat.
Namely, the users cannot withdraw more than 5 BTC, 50 ETH, and 20,000 in USDC, DAI, or Wrapped Ethereum (WETH). As for the limits on fiat withdrawals, they are $150,000 and €140,000.
The new rules come amid the rumours of Wyre facing potential shutdown. Although Wyre declined the allegations, the firm admitted it “will be scaling back”.
On Jan. 5, MetaMask removed Wyre from its mobile aggregator, which allows users to buy crypto directly through its digital wallet. On the same day, Axios reported that Wyre is preparing to stop the operations completely after the acquisition deal with Bolt failed in September 2022.
Therefore, the limitations may be a sign of an expected liquidity crunch that would cause customers to withdraw their money in a hurry. At the same time, Wyre officials stated that they are exploring strategic options in order to keep the company going. Perhaps, the announced changes to its management structure are part of the efforts.
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