The company noted that the decision is in its best interest and subject to each user's daily limit.
Wyre Appoints Interim CEO After Leadership Changes
In addition to the withdrawal policy change, Wyre has made leadership changes. Former CEO Yanni Giannaros has become the executive chairman, while former Chief Risk Officer and Compliance Officer Stephen Cheng has become the interim CEO.
Web3 Companies Struggle with Liquidity Crisis
Several Web3 companies have struggled with a liquidity crisis in recent months. The collapse of Terra LUNA projects and FTX, the former second-largest crypto exchange, led to the bankruptcy of multiple firms, including Celsius Network, Voyager Digital, and Three Arrows Capital. FTX's parent company eventually filed for chapter 11 bankruptcy protection, and its founder was arrested and extradited to the US.