Crypto Payments Platform Wyre Imposes 90% Withdrawal Cap

  • Wyre has changed its withdrawal policy to allow for the withdrawal of up to 90%.
  • MetaMask has asked its users to refrain from using Wyre on the mobile aggregator.

Just days after two former workers purportedly warned at the prospect of closure. Crypto payment firm Wyre amended its withdrawal policy to prevent customers from cashing out up to 90% of their funds.

In “the best interest of our community,” Wyre limited withdrawals on the platform on January 7. To help its customers weather the protracted bear market, Wyre has changed its withdrawal policy to allow for the withdrawal of up to 90% of their cryptocurrency holdings.

The team stated:

“We are modifying our withdrawal policy. While customers will continue to be able to withdraw their funds, at this time, we are limiting withdrawals to no more than 90% of the funds currently in each customer account, subject to current daily limits.”

Metamask Ends Support

Also, Yanni Giannaros, Wyre’s CRO and COO, has been named interim CEO. To accommodate the platform’s new operating strategy, the daily withdrawal restrictions for Wyre customers will alter. It has been reported that Wyre’s cooperation with the cryptocurrency wallet MetaMask has ended due to the company’s problems.

MetaMask, a digital wallet service, said on January 5 that it will no longer include the cryptocurrency exchange Wyre in its mobile aggregator. Moreover, MetaMask has asked its users to refrain from using Wyre on the mobile aggregator while it works to disable the extension.

In light of recent rumors that the Wyre cryptocurrency payment network would be shutting down, the MetaMask cryptocurrency wallet has decided to no longer support it. The cryptocurrency wallet service MetaMask announced on Twitter on January 5 that it has deleted Wyre from their mobile aggregator.

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A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.