The Block: Wyre limits withdrawals to 90% of funds held in customer accounts

Crypto payment provider Wyre announced a change in rules that will limit customers to withdrawing no more than 90% of the funds currently held in each account.

"We are modifying our withdrawal policy. While customers will continue to be able to withdraw their funds, at this time, we are limiting withdrawals to no more than 90% of the funds currently in each customer account, subject to current daily limits," it said on Twitter.

This new rule applies to all customers using its services and means any withdrawal requests exceeding this limit will be rejected.

Wyre said that by reducing the amount customers are able to withdraw, the firm will be better positioned to weather potential financial storms ahead. The company said the new withdrawal limit would "enable it to navigate the current market environment."

Last week, Wyre laid off 75 employees amid reports the firm was planning to shut down. In an update, Wyre said its operations would continue. "Our operations continue and we will share information with the community as it is available," it noted .

Wyre added that CEO Ioannis Gianna has transitioned into a new role as executive chairman as part of a major change to the firm's management structure. The firm has appointed Chief Risk and Compliance Officer Stephen Cheng as interim CEO.

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