Juno encourages users to withdraw funds as crypto partner set to shut down

Companies • January 5, 2023, 5:33AM EST
The Block

Quick Take

  • Juno encouraged its clients to withdraw crypto assets from the platform after news came out that its custody partner might be about to shut down.

Crypto on-ramping service Juno encouraged users to withdraw their cryptocurrencies from the platform because its payment partner, Wyre, may be about to shut down.

The news comes after Wyre started doing layoffs, with two former employees telling Axios that the company plans to shut down this month.

Juno recommended that its users withdraw their funds to their own self-custody wallets or sell them for fiat currency on its platform.

After informing its clients to do so, the amount of crypto assets held on the platform has fallen to $1.25 million.


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About Author

Tim is the Editor-In-Chief of The Block. He writes about the evolution of crypto technology and the people who are at the forefront of it. He provided exclusive, source-based insights into the launches of the Bitcoin and Ethereum ETFs, crypto sales by the FTX Estate and the Trump-linked World Liberty Financial project. Prior to joining The Block, Tim was a news editor at Decrypt. He earned a bachelor's degree in philosophy from the University of York and studied news journalism at Press Association Training. Follow him on X @Timccopeland.

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