Crypto firm Juno urges users to withdraw after 'uncertainty' with custody partner

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Juno recommended users propulsion their funds from the level amid "uncertainty" implicit the destiny of its crypto custody supplier Wyre.

Crypto steadfast  Juno urges users to retreat  aft  'uncertainty' with custody partner

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Fiat-to-crypto on-ramp solution supplier Juno has urged its users to merchantability oregon self-custody the crypto connected its level citing “uncertainty” with its crypto custodian spouse Wyre.

In a Jan. 4 tweet, the level explained it that it doesn't clasp immoderate of its customer's crypto, and relies connected its “crypto partner” for those services.

“Due to uncertainty with our crypto partner, we person taken preemptive enactment successful the involvement of our customers,” it wrote, adding it’s besides actively reaching retired to customers to inquire them to self-custody.

2/ Juno arsenic a level doesn’t custody crypto assets & relies connected our crypto spouse for these services.

Due to uncertainty with our crypto partner, we person taken preemptive enactment successful the involvement of our customers.

— Juno (@JunoFinanceHQ) January 4, 2023

The "crypto partner" successful question is understood to be Wyre, a regulated Money Service Business successful the United States.

Earlier this week, Wyre CEO Ioannis Giannaros reportedly told employees that the firm “will request to unwind [...] implicit the adjacent mates of weeks.”

In the email seen by Axios, Giannaros said the steadfast was “still operating” but would beryllium “scaling backmost to program our adjacent steps."

Juno successful its latest Twitter thread said determination was inactive $1.25 cardinal worthy of crypto assets held connected the level and it has been reaching retired to customers to promote them to self-custody their holdings

Other safeguards employed by Juno for users see temporarily disabling crypto buying connected its level and converting stablecoins to U.S. dollars into users’ government-insured accounts “which are FDIC Insured up to $250,000 via our spouse bank.”

It besides accrued regular withdrawal limits five-fold for each “metal” relationship holders, its highest tier account.

Cointelegraph contacted Juno for remark but did not person an contiguous response. Wyre did not respond to aggregate requests for comment.

Related: US national agencies merchandise associated connection connected crypto plus risks and harmless practices

At the clip of writing, Juno users were seemingly capable to retreat funds without contented and the level claimed its services unrelated to crypto were likewise unaffected.

Juno said it plans to “transition to a caller crypto partner” but is yet to merchandise accusation connected what spouse and erstwhile the modulation volition beryllium finalized. It added it was moving to restart crypto buying and deposits “as soon arsenic possible.”

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