Wyre Restricts Withdrawals to 90% of Customer Account Balances

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Last Updated on January 8, 2023 by Bitfinsider

Wyre, a supplier of cryptocurrency payment services, has announced a regulation modification that would restrict clients to withdrawing no more than 90% of the cash already held in each account.

“We will be revising our withdrawal policy. While consumers will still be able to withdraw their monies, we are presently limiting withdrawals to no more than 90% of the funds in each customer’s account, subject to daily limitations “according to Twitter,

This new regulation applies to all clients who use the company’s services, and withdrawal requests that exceed the specified limit will be denied.

Wyre stated that by limiting the amount of cash consumers may withdraw, the company will be better prepared to weather future financial crises. The business stated that the new withdrawal restriction will “allow it to manage the present market situation.”

A week ago, 75 Wyre employees were laid off amid rumors that the company was set to close. Wyre stated in an update that its activities will continue. “Our activities continue, and we will provide updates as they become available,” it stated.

Wyre stated that CEO Ioannis Gianna has assumed a new position as executive chairman as part of a significant restructuring of the company’s management structure. Chief Risk and Compliance Officer Stephen Cheng has been named as interim CEO.

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