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Wyre Payments Becomes Latest To Limit Withdrawals Due To Crypto Winter

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Wyre

Amidst the crypto winter casualties continuing, the California-based crypto payment channel Wyre disclosed limits on withdrawals for all users. The payment company joins others that previously restricted withdrawals or laid off their workforces to survive in a bear time.

Per an official statement, the company has restricted users from withdrawing entire funds they stored on the platform.  But the platform allows cashing out of 90% of a user’s funds, with daily transaction limits imposed too. The number of BTC and ETH that could now be withdrawn within 24H is fixed at 5 and 50. Similarly, the daily transaction limit for the US dollar stands at $1,500,000 and €1,400,000 in Euro.

Notably, Wyre Payments announced the modification of its withdrawal policy via Twitter on January 7, days after the rumors that the platform would shut down its operations ending this month. This news could have pushed investors to withdraw funds from a doubted payment gateway. And as a result, the crypto company limited withdrawals in fear of insolvency. While addressing its community, Wyre noted in a tweet:

Acting in the best interest of our community is our top priority, and we are exploring strategic options for our company that will enable us to navigate the current market environment and deliver on our mission to simplify and revolutionize the global payments ecosystem.

Wyre Shakeup Executive Management

Additionally, the crypto company uncovered the management shakeup with Yanni Giannaros stepping down as a CEO and now will compensate as an executive chairman at the platform. On the other hand, Stephen Cheng, the chief compliance and risk officer, is allocated as the interim CEO of the company.

Considering the rising issues of the company, the crypto wallet service provider MetaMask also ended up with Wyre payments and announced its removal from the mobile aggregator on January 6. MetaMask added:

Wyre has been removed from our mobile aggregator. Please do not use Wyre.

Fledgling coin BTC is currently trading above $17,300 On the Daily Chart. | Source: BTCUSD price chart from TradingView.com

Downtrends Affected Crypto Companies

Not only Wyre comes to wire, but many crypto services platforms suffered catastrophic effects of long-lasted bear trends. Even the market climate led several platforms to disappear from the ground completely. The crypto market has been recording price dumps consistently since BTC touched its all-time high (ATH) of $69,000 in November 2021.

Mainly, Terra’s (LUNA) collapse in May 2022 worsened the situation, which pulled back the prices of cryptos and lowered the trading volume. And it further increased sell-off pressure on the market and badly affected LUNA-linked ecosystems. 

Yet the crypto market was on track to recover from the previous losses, and the FTX fiasco, which came to happen the November of the same year, added fuel to the fire. Alongside changing investors’ sentiment on virtual assets, down prices lowered the revenue of crypto services platforms, consequently leading several crypto companies to file for bankruptcy.

Featured image from Pixabay and chart from TradingView.com


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BitPay Announces Partnership With MoonPay – Bitcoin Magazine

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Bitcoin And Artificial Intelligence Frees Your Time - Bitcoin Magazine


BitPay and MoonPay, leading bitcoin and cryptocurrency payments infrastructure providers, have partnered “to provide BitPay users with significantly increased ways to buy cryptocurrency instantly, and at great rates.”

“BitPay’s unique marketplace experience also presents multiple rates for buyers, ensuring they receive the best possible price for their cryptocurrency purchases,” the press release states. “Additional benefits of the integration include fast delivery to any owned wallet address, as well as the ability for buyers to pay with their preferred method, including credit card, debit card, Apple Pay, Google Pay or a variety of local bank transfer methods.”


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Why Real Regulatory Change In Crypto Has Not Happened

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Why Real Regulatory Change In Crypto Has Not Happened



Legislators need to educate themselves on Web3 if they care about protecting consumers, Steven Eisenhauer, chief risk and compliance officer at Ramp, writes.


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South Korea to deploy cryptocurrency tracking system in 2023

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South Korea to deploy cryptocurrency tracking system in 2023


The Ministry of Justice in South Korea announced plans to introduce a crypto-tracking system to counter money laundering initiatives and recover funds linked to criminal activities.

The “Virtual Currency Tracking System” will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance, according to local media outlet khgames.

While the system is slated to be deployed in the first half of 2023, the South Korean ministry shared plans to develop an independent tracking and analysis system in the second half of the year. A rough translation of the ministry’s statement reads:

“In response to the sophistication of crime, we will improve the forensic infrastructure (infrastructure). We will build a criminal justice system that meets international standards (global standards).”

The South Korean police previously established an agreement with five local crypto exchanges to cooperate in criminal investigations and ultimately create a safe trading environment for crypto investors.

Related: South Korean prosecutors request arrest warrant for Bithumb owner: Report

The South Korean Supreme Court ruled that crypto exchange Bithumb must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017.

The finalized ruling from the supreme court ordered damages ranging from as little as $6 to around $6,400 be paid to the 132 investors involved.

“The burden or the cost of technological failures should be shouldered by the service operator, not [the] service users who pay commission for the service,” the court stated.


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