- In early January, Juno suspended cryptocurrency purchases on its platform.
- Previously, Juno’s ex-custodian partner instituted withdrawal limits for customers.
All services of the cryptocurrency platform Juno, situated in Singapore, have been declared to have started again. Because of problems with its former custodian partner, Wyre, it tightened daily withdrawal restrictions at the beginning of the year and encouraged clients to move their assets into self-custody wallets.
In early January, Juno suspended cryptocurrency purchases on its platform and automatically changed USDC, USDT, and mUSDC to USD. It also warned its customers about issues with its former custodian, Wyre, advising them to move their funds to cold storage or withdraw them. The platform recently stated that regular service was restored thanks to the assistance of its new partner Zero Hash.
President and Chief Operating Officer Varun Deshpande stated:
“We are delighted to restart our crypto services in record time with Zero Hash. With Crypto 2.0, we will focus on offering better platform reliability, more coin diversity, and better crypto prices. Given the events of 2022, we are committed to building a secure and compliant on and off-ramp product for the long-term growth of the industry.”
Quick Restoration of Services
Edward Woodford, CEO of Zero Hash, praised Juno as a “well-intentioned” business and noted their collaborative efforts to restore service in a short three weeks. Previously, Juno’s ex-custodian partner instituted withdrawal limits for customers, limiting them to no more than 90% of their holdings. Every day, customers were limited to withdrawing 5 BTC and 50 ETH.
A few days later, Wyre got the financial backing it needed from a “strategic partner” and went back to its regular course of activities. The value of JUNO, Juno’s native token, remained mostly unchanged in the wake of the revelation.
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