Wyre, a cryptocurrency payments platform, reduced its withdrawal caps by 10% on January 7 in response to bankruptcy rumours, Cryptoslate informed.
Wyre announced that its customers can now only withdraw up to 90% of the money in their accounts in a thread on Twitter. The daily withdrawal cap, which currently only allows for the withdrawal of 5 Bitcoin (BTC) and 50 Ethereum (ETH) per day, will still apply to users. Additionally, there is a daily withdrawal cap of $150,000 USD and €140,000 EUR for each currency, Cryptoslate further informed.
Cryptoslte noted that the California-based Wyre claims to have business licences in more than 30 US states, as well as Canada, Australia, the European Union, and the United Kingdom.
The company claimed that in order to help it navigate the current market, it is “exploring strategic options.” Wyre announced that Yanni Giannaros had resigned as CEO and would now serve as executive chairman of the company.
Wyre added that interim CEO Stephen Cheng has been appointed from his position as chief risk and compliance officer.
(With insights from Cryptoslate)