Wyre Adjusts Withdrawal Policy, Topps Suspends NFT Marketplace Trading

• Wyre has announced that it is modifying its withdrawal policy due to the crypto industry downturn and the „macroeconomic climate“.
• As a result, Topps has temporarily suspended NFT marketplace transactions.
• Wyre is now also „exploring strategic options“ and has changed its management structure with Ioannis Giannaros becoming executive chairman and Stephen Cheng serving as interim CEO.

Crypto payments firm Wyre has announced a modification of its withdrawal policy, citing the crypto industry downturn and the „macroeconomic climate“ as factors that have affected the company. This comes after reports that Wyre was shutting down operations, a claim which CEO Ioannis Giannaros later contradicted, instead asserting that the firm was merely „scaling back“.

The changes to the withdrawal policy mean that users are now limited in the amount they can withdraw. „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,“ the update details.

Wyre has also changed its management structure, with Ioannis Giannaros becoming executive chairman and Stephen Cheng serving as interim CEO. Additionally, the company is now „exploring strategic options“, with further details to be announced at a later date.

The news has also caused NFT marketplace Topps to temporarily suspend transactions. While no official statement has been released, the company has removed its NFT marketplace from its website and disabled its trading platform.

The changes to Wyre’s withdrawal policy come at a time of great turbulence in the crypto industry, with numerous companies being forced to scale back operations and adjust their services to the current macroeconomic climate. It remains to be seen how the changes at Wyre will affect the crypto industry in the long term.