- Cryptobank Juno required its clients to either sell or self-hold their crypto assets in light of the assets being migrated to a new custodian.
- Juno’s decision comes as Juno’s current regent, Wire, prepares to close its doors in the coming weeks.
Crypto Bank Juno has asked its clients to either sell their crypto assets or keep them themselves in light of the assets being migrated to a new custodian. The crypto platform shared the update on Twitter, noting that it has increased daily crypto withdrawal limits by five times for all users.
1/ Update on @tweet in the last 24 hours
At Juno, we aim to be the easiest and fastest cryptocurrency ramp out there. ~90% of our novice users have always used Juno as their on and off feature.
Juno offers these services through its banking and crypto partners.
– Juno (JunoFinanceHQ) January 4, 2023
Juno’s decision comes after Wire, the company’s current custodian, prepares to close its doors in the coming weeks. She is changing guardians because she anticipates problems with Wyre as she downsizes or ends her operations.
In its latest Twitter thread, the platform stated that it still has $1.25 million worth of crypto assets on its platform. In addition, she reached out to clients to encourage self-care of their possessions.
Juno has used other protections for user security, including temporarily disabling cryptocurrency purchases on its platform and transferring stablecoins into US dollars to government-insured user accounts, which are FDIC-insured for up to $250,000. through the partner bank.
Juno moves from Weary to a new guardian
The Juno team has already begun working with a new, anonymous guardian. Client funds will be transferred from Wyre to the new custodian in the coming weeks.
Wyre, once valued at $1.5 billion, has faced significant headwinds in recent months. Bolt, the one-click payment company, backed out of its acquisition deal with the company in September. Then, according to Axios, Wyre reportedly told employees in December that he would be liquidating and ending his shows in January.
Juno has stated that it intends to transition to a new crypto partner, but has not specified the partner or when the transition will be completed. It also stated that it is working to resume cryptocurrency purchases and deposits as soon as possible.