Crypto firm Wyre will shut down its shop

After 10 years of long-term business, Wyre platform decided to close its crypto business.

Wyre is a popular crypto payment platform. In 2013, this platform was founded by Giannaros and Michael Dunworth. The platform is headquartered in San Francisco. The services of this platform mainly focused on providing crypto-to-fiat swap services for businesses, which are interested in accepting crypto payments.

On 16 June 2023, Wyre announced that the company made a very difficult decision to shut down its business and also confirmed that the decision had been taken to protect the customers & company’s stakeholders. 

The Wyre team confirmed that the decision was not made because of the regulatory uncertainty and blamed the market situation as a big bump in its business.

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After nearly a decade, Wyre is winding down. Due to market conditions, we made this decision to protect the best interest of our key stakeholders and customers. This decision is not due to any regulatory agency direction. Wyre continues to secure customer assets.

— Wyre (@sendwyre) June 16, 2023

Giant crypto payment platform urged customers to withdraw the funds before 14th July, to remain away from another tedious method for withdrawing funds. 

Crypto Market sentiment

This is a reality that the current market situation is not good for the crypto companies, as the majority of the crypto assets trade price is plunging badly and also the majority of the businesses are trying to step back from this highly volatile market.

Over the last 12 months, the majority of the giant crypto firms reduced their workforce, to reduce the company’s expenses, so that they can survive in the crypto winter season.

Regulatory uncertainty

Over the last couple of years, the EU & Hong Kong like other jurisdictions showed a very positive stance toward this innovative sector but American government regulatory bodies showed very strict & negative behavior against this sector.

In this year several regulated Crypto firms faced lawsuit actions by the country’s securities regulatory body. 

In short, we can say that the situation for any crypto firm is not good in the US jurisdiction because on one side crypto companies are facing lawsuit actions & other side regulators are not providing any clarity on the laws. 

Read also: Binance will withdraw operations from the Netherlands

Crypto firm Wyre will shut down its shop

 

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