Crypto firm Juno Recommends Users To Withdraw Funds Amidst The “Uncertainty” With Its Custody Partner

January 5, 2023

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Juno, the digital asset firm that offers on-ramp services for cryptocurrency, recommends that its customers take their funds off the platform due to the indicated “uncertainty” in the business operation of its custody partner.

Wyre, the US-based money services company and a crypto partner to Juno stated earlier in the week that its employees would have to unwind over the next couple of weeks.

Through its tweet on January 4, 2023 Juno clarified that the company does not hold funds of any of its customers and relies on “Crypto partner”, Wyre to do so. However, due to uncertainty of its crypto partner, Juno has taken preemptive steps in the interest of the customers to talk about the state of their custody partner.

The company is actively reaching its customers to urge them to self custody their funds or sell them off. In its recent tweet Juno stated that there are still crypto assets worth $1.25 million held on the platform. Therefore, encouraging its customers to self custody their holdings.

Alongside, the company also employs other safeguard measures such as temporarily disabling the crypto buying and conversion of Stablecoin to US dollars in government–insured accounts. These are FDIC insured with partner banks up to the value of $250,000. Furthermore, Juno has also increased its daily withdrawal limit 5 times for all “metal” account holders; these are its highest–tier accounts.

Juno also stated that it plans to make a transition to a new crypto partner. However, it is yet to release more information on the same. Alongside, the company also indicated that it might restart crypto buying and deposits at the earliest.

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