Wyre Limits Client Withdrawals to 90% so it Can ‘Navigate the Current Environment’

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crypto-focused payment provider Wire has limited withdrawals to 90% of funds in its customers’ accounts, citing the need to “navigate the current market environment”.

“We are revising 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 funds currently in each customer account, subject to existing daily limits, Wyre said in a Statement Posted on Twitter this weekend.

The company said the change was made “in the best interests of our community” and added that it is “exploring strategic options” for the company as it navigates current market conditions.

In a follow-up tweet, the San Francisco-based company clarified that it would continue to operate:

“Our operations are ongoing and we will share information with the community as it becomes available.”

The new withdrawal policy applies to all Wyre customers. Withdrawal requests that exceed 90% of the funds held in an account will be declined.

The change in withdrawal policy comes after Wyre CEO Ioannis Gianna took on a new role as executive chairman of the company.

Wyre’s new CEO is Stephen Cheng, who previously served as the company’s Chief Risk Officer and Chief Compliance Officer.

follows the layoffs last week

The new policy comes after Wyre’s decision to lay off 75 employees last week. The news of the layoffs came with media reports stating that the firm was ceasing its operations Due to the downturn in the market.

Despite the reports, Ioannis Gianna insisted in comments shared with Axios at the time that the company was not closing, but was instead downsizing.

Commenting on Axios, Gianna said:

“We are still operating but scaling back as we plan our next steps.”

Wyre was earlier valued at $1.5 billion. The company has raised a total of $29.1m across 9 funding rounds with participation from investors such as FJ Labs, Samsung Next, Kraken, Draper Associates, Great Oaks Venture Capital, Pantera Capital, Stellar Development Foundation, and others.

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