Wyre Payments, a San Francisco-based crypto payments firm, will implement withdrawal limits for user accounts, it said in a Twitter statement on Jan.7.
See related article: US prosecutors, SEC probes Digital Currency Group: report
The company will limit withdrawals to a maximum of 90% of funds currently in each customer account. Withdrawals will also be subject to current daily limits.
According to Wyre’s website, there are daily withdrawal limits set at 5 Bitcoin, 50 Ethereum, and 20,000 in either USDC, DAI, or Wrapped Ethereum (WETH). Withdrawals in fiat are limited to US$150,000 and €140,000 per day.
Wyre said its latest move is “in the best interest of its community” and that the company is “exploring strategic options to navigate the current market environment.”
The announcement follows reports that Wyre would be shutting operations by the end of January, amid the broader crypto market downturn following the fall of FTX.
Cryptocurrencies have taken a major hit in recent months following the collapse of Sam Bankman-Fried’s cryptocurrency exchange empire FTX in November, which has prompted crypto investors to leave centralized crypto platforms in droves.
Cryptocurrency-focused conglomerate Digital Currency Group (DCG) suspended redemptions and new loan originations for its crypto company Genesis Global Capital at the end of last year. This week, DCG announced it will shut its wealth management unit called HQ.
In April last year, Wyre was nearly acquired by one-click checkout provider Bolt for US$1.5 billion, but the deal fell through in September.
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The cryptocurrency broker also confirmed expectations that its full-year 2022 loss will be no more than $500 million.
Digital asset manager Osprey Funds has laid off 15 employees and is currently operating with fewer than 10 employees, a source familiar with the matter tells Yahoo Finance.
(Reuters) -Coinbase Global Inc said on Tuesday it will cut about 950 jobs, or 20% of its workforce, as part of a restructuring plan that marks the third round of layoffs for the cryptocurrency exchange since last year. "We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion," Coinbase Chief Executive Brian Armstrong said in a blog post on Tuesday. Coinbase said it had no additional comment on the plan.
STORY: Coinbase will cut its workforce by about 950 employees.The company made the announcement Tuesday (January 10) in the latest sign of problems in the crypto industry.The job cuts are part of a restructuring plan.Coinbase said it expects to incur up to $163 million in expenses.The crypto sector lost more than a trillion dollars last year, largely due to rising interest rates and worries about an economic downturn.Major players like Three Arrows Capital and Celsius Network shut down.While the biggest blow came when major crypto exchange FTX filed for bankruptcy protection in November.The firm's quick fall has led to tough regulatory scrutiny of how major exchanges hold user funds.Coinbase Chief Executive Brian Armstrong said in a blog post that the firm was dealing with the fallout from 'unscrupulous actors' in the industry.He also said Coinbase would stop projects that had a lower probability of success.The latest cuts would be the third round of layoffs at the exchange over the past yearIn June, Coinbase cut more than 1,000 jobs, and shares in the firm lost roughly 86% of their value last year.
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Nikhil Wahi, the brother of a former Coinbase Global employee, is sentenced after pleading guilty to fraud.
Florida-based Raymond James Financial Inc. has named Jeff Saxton as a managing director of its health-care investment banking practice. He will be based in Charlotte.
The Financial Markets Authority joins the country’s central bank and Senate in seeking to anticipate new EU laws.
Metropolitan Commercial Bank is to end crypto-related services because of "recent developments" in the digital asset industry. Meanwhile, Jefferies downgraded Signature Bank from buy to hold as its crypto businesses shrink. "The Hash" panel discusses how the FTX contagion will impact the banks that have expanded into crypto.
The exchange has staying power due to its healthy balance sheet, a proactive approach to regulatory compliance, sensible risk management and legitimacy as a public company, the report said.
Stamford, Connecticut-based Digital Currency Group (DCG) is the parent company of several high-profile crypto firms, including crypto asset manager Grayscale and Genesis, which brokers digital assets for financial institutions like hedge funds and asset managers. Winklevoss' Gemini offered a crypto lending product called Earn in partnership with DCG's Genesis Global Capital, and now says Genesis owes it $900 million in connection with that product. In his open letter to the DCG board, Winklevoss said Genesis and DCG had "defrauded" some 340,000 Earn users.
Gemini's Cameron Winklevoss lanced multiple serious allegations at the crypto conglomerate, including misrepresentation and accounting fraud.
Metropolitan Bank Holding (ticker: MCB), one of the earliest banks to delve into digital assets, says it’s closing out the part of its business that catered to crypto firms. The problem, in a nutshell, is that for Bitcoin and other digital assets to have any chance of becoming mainstream, banks—with their access to deep sources of liquidity and experience in facilitating payments—will have to be on board. In its announcement early Monday, the company, which is the parent of Metropolitan Commercial Bank, cited recent industry developments and the regulatory environment for the move.
Federal prosecutors have issued subpoenas to several U.S. hedge funds that have dealt with the world’s largest cryptocurrency exchange, Binance Global Inc.
Officials with the U.S. Department of Justice's Eastern District of New York and the SEC are examining transfers between Digital Currency Group (DCG) and the conglomerate's Genesis subsidiary, according to Bloomberg. DCG is the parent company of CoinDesk. Plus, Jefferies downgraded its rating for bitcoin miner Marathon Digital Holdings (MARA) from "buy" to "hold" due to construction delays.
Attempts to urgently sell LedgerX and FTX Japan have invited legal protest.
Boeing took in 203 net orders and delivered 69 airplanes in December, ending 2022 on a bullish note.
Michael Novogratz said Tuesday that he doesn’t think the tension between Gemini and Digital Currency Group will “involve a lot of selling."
Bitcoin has languished in the $16,000 trading range for almost three weeks, but Monday saw a break-out for the world's biggest cryptocurrency.
FTX founder’s defense team is led by former federal prosecutors with experience in high-profile cases, including Ghislaine Maxwell and ‘El Chapo.’
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