Crypto Bank Juno Urges Customers To Withdraw Funds Amidst Wire Trouble

Due to “uncertainty” with its cryptocurrency custodian partner Wyre, fiat-to-crypto solutions provider Juno has recommended its users to sell or self-custody bitcoin held on its platform.

Juno: We do not store bitcoin for customers

The company clarified in a tweet on January 4 that it does not run any stores. Bitcoin Relies on a crypto partner to handle such transactions on behalf of and instead of its customers.

The firm released a statement saying that they urge customers to seize management of their assets due to the uncertainty with their crypto partner.

Wyre, an established US money transfer company, is widely believed to be the “crypto partner” Juno referred to. news on january 4 emerged That Wyre would be closing and had already begun laying off employees. The company’s CEO Gianaros claimed that the firm was “still operational” but was scaling down to consider its next actions.

Juno is facilitating mass evacuation

According to a recent tweet, Juno still has $1.25 million in bitcoin assets, and the firm is reaching out to consumers to encourage them to claim their funds.

To further protect its users, Juno, which recently auction Their Mutant app, Yacht NFT Collection, can temporarily block cryptocurrency purchases on its platform and exchange the stablecoin for US dollars for deposits into FDIC-insured accounts of up to $250,000 through partner banks. Is.

As a bonus, the maximum daily withdrawal amount from top-tier “metal” accounts was increased fivefold. The site claims that its non-crypto services are unaffected, and users report no problems withdrawing funds from Juno.

While Juno has stated that it will be “transitioning to a new crypto partner”, neither the identity of this partner nor its implementation timeline has been disclosed. It also said that it has worked to “continue to accelerate practically” for cryptocurrency deposits and purchases.

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