Crypto Payments Firm Wyre Shuts Down — Users Told to Remove Assets from Platform

Wyre, the San Francisco-based crypto payments firm, has said it is winding down operations “in order to protect the best interests” of its users and stakeholders. The firm urged users with assets on its platform “to continue to withdraw them via Wyre’s dashboard until Friday, July 14th.” A statement released by the firm said parties interested in acquiring Wyre or its subsidiaries should contact 88 Partners via email.

No Pressure From Regulatory Agencies

United States-based crypto payments firm Wyre said on June 16 that it is winding down operations. According to a statement, Wrye’s decision to shut down was made in order to “protect the best interests” of its stakeholders and customers. The payments firm insisted that the move was not forced on Wyre by some regulatory agency.

The firm’s decision to wind down comes more than six months after the CEO Ioannis Giannaros denied reports the payments platform had shut down. At the time, Giannaros instead claimed that Wyre was scaling back.

Users Urged to Remove Assets From Platform

However, in the statement announcing the payment platform’s shutdown, Wyre cited market conditions as one of the reasons why it was winding down. The statement also informed users of the next steps they should take.

“If you have assets on the Wyre platform, you can continue to withdraw them via Wyre’s dashboard until Friday, July 14th. After then, we will have a separate process to recover assets remaining on the platform. We will post details on the process on our website and blog. We will share more information over the coming weeks,” the payments service provider said.

Wrye also instructed individuals or companies interested in acquiring the crypto payments firm or any of its subsidiaries to contact 88 Partners via email.

As reported by News in Sept. 2022, Wyre’s woes seemingly started after the U.S. tech company Bolt abruptly pulled out of a deal to acquire the San Francisco-based crypto payments service provider for $1.5 billion. This was followed by reports in early January which stated that Wyre had modified its withdrawal policy in response to deteriorating market conditions.

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