Juno, a fiat-to-cryptocurrency solutions provider, has urged its users to sell or self-hold cryptocurrencies on its platform, citing “uncertainty” regarding its crypto-custodian partner Wyre..
In Twitter: on January 4 The platform explained that it does not hold any crypto from its customers and that it relies on its “crypto partner” for these services..
“Due to the uncertainty surrounding our crypto-partner, we have taken precautionary measures for the benefit of our customers,” he wrote.adding that it is also actively reaching out to customers asking them to protect themselves.
2/ Juno as a platform does not hold crypto assets and relies on our crypto partner for these services.
Due to the uncertainty with our crypto partner, we have taken preemptive action for the benefit of our customers.
— Juno (@JunoFinanceHQ) January 4, 2023
2/ Juno as a platform does not hold crypto assets and depends on our crypto partner for these services. Due to the uncertainty regarding our partner, we have taken precautionary measures for the benefit of our customers.
The “crypto-partner” in question is believed to be Wireregulated money services business in the United States.
Earlier this week, CEO de Weir, Ioannis Giannaros, reportedly told employees that the company “must be released […] in the next few weeks”.
In an email seen by Axios. Giannaros said the company is “still operating” but will plan “our next steps.”.
Juno said in its latest Twitter thread that $1.25 million worth of crypto assets are still held on the platform and that it has reached out to customers to encourage them to self-fund their holdings..
Other safeguards used by Juno for users include the temporary shutdown of cryptocurrency purchases on its platform and the exchange of stablecoins in US dollar government-backed accounts. users that are “FDIC insured up to $250,000 through our partner bank.”
It also quintupled the daily withdrawal limits for all “metal” account holders, its highest-tier account.
Cointelegraph reached out to Juno for comment on the situation, but did not immediately receive a response. Wire did not respond to multiple requests for comment.
At the time of writing this article, Juno users were apparently able to withdraw funds without issue, and the platform claimed that its non-cryptocurrency services were also unaffected..
Juno said it plans to “transition to a new cryptocurrency partner,” but has not yet disclosed which partner or when the transition will be completed.. He added that he is working to resume buying and depositing cryptocurrency “as soon as possible.”
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