Cryptocurrency platform Juno has advised its users to withdraw their assets as a precaution due to issues with its current custodian partner. The company has temporarily stopped allowing users to purchase cryptocurrencies on its platform and has converted stablecoins to USD as a result.
Juno plans to find a new custodian partner to resolve the issue. In the meantime, the company has recommended that its users withdraw their assets and store them in self-custody wallets to ensure the safety and security of their assets.
Users also have the option to sell their assets for fiat currency if they do not want to use noncustodial wallets. It’s important to note that Juno is taking these measures to protect its users’ assets and will continue to work on finding a solution to the custodian issue.
Cryptocurrency Platform Juno Advises Users to Withdraw Funds
Juno, a cryptocurrency platform, has advised its users to withdraw their assets and store them in self-custody wallets or sell them for cash due to issues with its current custodian partner. The company has temporarily stopped allowing users to purchase cryptocurrencies on its platform and has converted stablecoins to USD as a result. To cope with the potential surge of transactions, Juno has also increased daily cryptocurrency withdrawal limits by five times for all “metal users.”
Banking and Card Services Remain Unaffected
Despite the issues with its custodian partner, Juno has assured users that all banking and card-related services continue to function smoothly. The company is actively reaching out to customers and encouraging them to self-custody their assets. The valuation of crypto assets stored on the platform has shrunk to $1.25 million as a result of these recommendations.
Juno Working to Restore Operations and Find New Custodian Partner
Juno is working to restore all operations as soon as possible and is looking for a new custodian partner. The company has also vowed to continue its work in the cryptocurrency industry, stating that it will “build and ship like we always have.”
JUNO Token Price Plummets in 2022
The price of the native token of the platform – JUNO – performed quite well during the first quarter of 2022, reaching an all-time high of over $45 in March. The intensifying bear market, though, took its toll, and the asset started plummeting. It lost nearly 90% of its USD valuation in a matter of two months and continued its downtrend until the end of last year.
Troubling News Affects JUNO Token Price
The news about the company’s custody partner and the disabled crypto purchases have also had a negative impact on the JUNO token, which currently trades at around $1.13 (a 97% decline compared to its peak level).