Why Crypto Bank Juno Is Asking Users To Take Self-Custody Or Cash Out

Juno JUNO/USD, a crypto banking firm, has told customers to either store their digital assets themselves or cash them out in light of the fact that the company is transferring their customers' funds to a different custodian. 

What Happened: In a tweet posted on Wednesday, Juno said as a platform it doesn’t custody crypto assets and relies on our crypto partner Wyre for these services. 

1/ Update on @JunoFinanceHQ in the last 24 hours

At Juno, we aim to be the easiest and fastest on and off-ramp for crypto. ~90% of our crypto native users have always used Juno as an on and off-ramp.

Juno offers these services via its banking and crypto partners.

— Juno (@JunoFinanceHQ) January 4, 2023

However, due to uncertainty with its partner, Juno has taken preemptive action in the interest of the customers.

Juno has temporarily disabled all cryptocurrency purchases on the platform and instead automatically converted supported stablecoins - such as USD coin USDC/USD, Tether USDT/USD, mUSDC - to USD, which is safely stored in their FDIC-insured checking account. 

See More: Best Crypto Day Trading Strategies

Wyre, once valued at a whopping $1.5 billion, has been hit with some tough headwinds in recent months. In September, Bolt, a one-click checkout company, backed away from its acquisition. Then, just before the new year, Axios reported Wyre had told employees it would be liquidating and terminating its offerings come January.

Juno is an online-only banking service that makes it easy to manage your cash and crypto assets such as Bitcoin BTC/USD, Ethereum ETH/USD and others all in one place.

Price Action: At the time of writing, BTC was trading at $16,856.24, up 0.64% in the past 24 hours, according to Benzinga Pro.

Read Next: Bitcoin, Ethereum, Dogecoin Rise On Fed's Mostly Bullish Tone: Analyst Sees More Consolidation For Apex Crypto