Juno Advises Users For Self-custody Citing Custodian Partner Issues

  • Juno recently tweeted that its custody partner has been having issues.
  • Users were also advised to take precautions by moving their assets off the exchange.

In light of the “uncertainty” between Juno and its partner, the cryptocurrency business urged its customers to move their funds to self-custody wallets or liquidate them for fiat money. To address the problems, the corporation will bring in a new partner.

Juno recently tweeted that its custody partner has been having issues. For the time being, the company is not accepting cryptocurrency purchases on its platform and is instead automatically converting USDC, USDT, and mUSDC to USD.

Withdrawal Limit Boosted

Users were also advised to take precautions by moving their assets off the exchange and into cold storage wallets managed by themselves. If customers do not wish to use cold storage wallets, the company said that they might liquidate their holdings for fiat currency.

In preparation for a possible influx of transactions, Juno has boosted daily cryptocurrency withdrawal limits for all “metal users” by a factor of five. The exchange also said that all card-related and banking services are running well.

After the company made its suggestion public, the value of the crypto assets held on the site dropped to $1.25 million. As quickly as possible, the company wants to go back to normal, therefore it’s seeking a new custodial partner to work with. It also said that it would not deviate from its current crypto strategy and that it would “build and ship like we always have.”

In the first three months of 2022, the platform’s native token, JUNO, had a significant price increase, with its value rising to more than $45 in March. In only two months, it lost approximately 90% of its USD valuation and remained falling till the end of 2022.

Recommended For You:

Creator of Mutant Ape Planet Arrested Over Rug and Pull Scam

A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.