Crypto agency Juno urges customers to withdraw after ‘uncertainty’ with custody associate


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Fiat-to-crypto on-ramp resolution supplier Juno has urged its customers to promote or self-custody the crypto on its platform citing “uncertainty” with its crypto custodian associate Wyre.

In a Jan. 4 tweet, the platform defined it that it does not maintain any of its buyer’s crypto, and depends on its “crypto associate” for these companies.

“On account of uncertainty with our crypto associate, we now have taken preemptive motion within the curiosity of our prospects,” it wrote, including it’s additionally actively reaching out to prospects to ask them to self-custody.

The “crypto associate” in query is known to be Wyre, a regulated Cash Service Enterprise in america.

Earlier this week, Wyre CEO Ioannis Giannaros reportedly told workers that the agency “might want to unwind […] over the subsequent couple of weeks.”

Within the e mail seen by Axios, Giannaros stated the agency was “nonetheless working” however can be “scaling again to plan our subsequent steps.”

Juno in its newest Twitter thread stated there was nonetheless $1.25 million price of crypto property held on the platform and it has been reaching out to prospects to encourage them to self-custody their holdings

Different safeguards employed by Juno for customers embody quickly disabling crypto shopping for on its platform and changing stablecoins to U.S. {dollars} into customers’ government-insured accounts “that are FDIC Insured as much as $250,000 by way of our associate financial institution.”

It additionally elevated day by day withdrawal limits five-fold for all “steel” account holders, its highest tier account.

Cointelegraph contacted Juno for remark however didn’t obtain a direct response. Wyre didn’t reply to a number of requests for remark.

Associated: US federal agencies release joint statement on crypto asset risks and safe practices

On the time of writing, Juno customers had been seemingly in a position to withdraw funds with out situation and the platform claimed its companies unrelated to crypto had been equally unaffected.

Juno stated it plans to “transition to a brand new crypto associate” however is but to launch data on what associate and when the transition shall be finalized. It added it was working to restart crypto shopping for and deposits “as quickly as attainable.”