Wyre have limited the withdrawal of their customers

Recent speculation about Wyre's imminent closure from various parts of the community doesn't seem all that fantastic. Representatives of the company, which provides payment solutions for cryptocurrency organizations, reported that their customers now have withdrawal restrictions.

According to Wyre, users can now withdraw no more than 90% of their funds due to difficulties. The announcement of this unpleasant news appeared on a Twitter account. On January 4, BeInCrypto reported that the company might close soon. They received such information from sources close to the provider of payment systems.

BeInCrypto told BeInCrypto that Wyre faced big problems regarding the profitability of the organization and the overall situation in the cryptocurrency market. It seems that we will soon see another bankruptcy filing, which was caused by the current situation in the digital asset market, exacerbated by the fall of the FTX exchange.

Wyre's CEO has told employees about the upcoming wave of layoffs, so they can start looking for new jobs. In addition, the company's management structure has been changed. Steven Chen has now been named interim chief executive of the firm. Yianni Giannaros left his position. Chen previously served as the Risk and Compliance Department.

On January 6, Wyre representatives issued a press release in which they spoke about the situation within the organization. Top management explained that due to the current situation in the world of cryptocurrency assets and the overall economic situation, Wyre has negative consequences that now need to be dealt with.

The payment solution provider reminded that the interest of the community will always remain their top priority, and therefore Wyre will try to adapt to the conditions in which the current situation in the world puts them.

The problems that Wyre has experienced are already starting to affect other organizations that are somehow connected with the payment solution provider. For example, the ToppsNFT marketplace, known for its baseball collection of NFT tokens, announced that transactions of non-fungible coins will be implemented in a limited mode for the time being. However, they assured that the customer's savings are safe.

After the collapse of FTX, many investors began to switch to storing cryptocurrencies on hardware wallets. For those who have not yet done so, a strong recommendation was given by the cryptocurrency bank Juno. They pointed to the need for these actions, since the conservation of Juno's assets was carried out through a third party. Later, journalists found out that it was about the Wyre company.

Due to Wyre's problems, Juno Bank ended up terminating its partnership with one of the most popular crypto wallets, MetaMask. On January 5, MetaMask announced that they were removing Wyre from their mobile app and urged users to stay away from the company and look to MoonPay, Sardine, and Transak.