Wyre, a supplier of cryptocurrency payment services, has announced a change to its regulations. The company will now restrict clients from withdrawing no more than 90% of the cash already held in each account.
According to a statement on Twitter, the company said: “We will be revising our withdrawal policy. While consumers will still be able to withdraw their monies, we are presently limiting withdrawals to no more than 90% of the funds in each customer’s account, subject to daily limitations.”
This new regulation applies to all clients who use the company’s services. Withdrawal requests that exceed the specified limit will be denied. Wyre stated that this change will help the company be better prepared to weather future financial crises and manage the current market situation.
Recently, Wyre laid off 75 employees amid rumors that the company was set to close. However, the company stated in an update that its activities will continue. “Our activities continue, and we will provide updates as they become available,” it said.
Wyre stated that CEO Ioannis Gianna has assumed a new position as executive chairman as part of a significant restructuring of the company’s management structure. Chief Risk and Compliance Officer Stephen Cheng has been named as interim CEO.