Because of “uncertainty” over its crypto custodian partner Wyre, Juno, a supplier of fiat-to-crypto on-ramp solutions, has advised its customers to liquidate or self-custody the cryptocurrency on its platform.
The company clarified in a tweet on January 4 that it relies on its “crypto partner” for those services and does not keep any cryptocurrency belonging to its users.
“Due to uncertainty with our crypto partner, we have taken preemptive action in the interest of our customers,”
It claimed that it is actively contacting customers to request them to take possession of their own property.
It is believed that Wyre, a licensed money service company in the United States, is the “crypto partner” in question.
According to reports, Wyre CEO Ioannis Giannaros told staff that the company “will need to unwind [...] over the next couple of weeks” earlier this week.
Giannaros said in the email obtained by Axios that the company was “still running” but that it will be “cutting back to plan our next steps.”
In its most recent Twitter thread, Juno stated that there were still $1.25 million worth of cryptocurrency funds owned on the service, and it has been contacting users to persuade them to take control of their investments themselves.
Juno also converts stablecoins into dollars in users' government-insured wallets “which are FDIC Insured up to $250,000 via our partner bank” in addition to temporarily blocking crypto purchases on its platform.
Additionally, it boosted the daily withdrawal caps for all “metal” customer accounts, the top tier account, by five times.
When Cointelegraph approached Juno for a response, no one responded right away. Multiple inquiries for comment to Wyre went unanswered.
Users of Juno appeared to be able to withdraw money without any problems as of the time of writing, and the platform asserted that its non-crypto services were also untouched.
Users of Juno appeared to be able to cash out money without any problems as of the time of writing, and the site asserted that its non-crypto services were also untouched.
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