Crypto Firm Juno Recommends Self-Custody or Selling Crypto Assets

• Juno crypto firm advised customers to self-custody or sell their crypto assets due to uncertainty with its crypto partner.
• They disabled the crypto-buying feature and automatically converted stablecoins in user wallets to USD, which can be found in FDIC-insured accounts.
• Juno recommended withdrawing crypto assets to a self-custody wallet or selling crypto for cash in a Juno checking account, which is FDIC insured up to $250,000.

Crypto firm Juno recently advised its customers to self-custody or sell their crypto assets due to uncertainty with its crypto partner. While the firm did not reveal the identity of this partner, many within the community have speculated that it is Wyre. This news came after Wyre CEO Ioannis Giannaros reportedly told employees that the crypto payments firm would shut its operations.

In response to this, Juno disabled its crypto-buying feature and automatically converted stablecoins in user wallets to USD. The USD could be found in their FDIC-insured accounts, and the firm would reimburse any fees due to such conversion. To further ease the process, Juno had also increased its crypto withdrawal limits for metal users so they could withdraw their assets without any fees.

However, users were still left to decide what to do with their other crypto holdings. Juno strongly recommended withdrawing crypto assets to a self-custody wallet or selling crypto for cash in a Juno checking account. This account is FDIC insured up to $250,000 via their partner bank.

Juno reassured customers that their funds were safe and that they would be able to access them as soon as the situation was resolved. The firm also promised to keep users updated and expressed their regret for the inconvenience caused.

Despite the uncertainty, Juno promised to continue offering their other services to customers. This includes access to over 35,000 free ATMs, debit card use, and ACH transfers. The firm also promised to provide users with the best possible experience and to work closely with their partners to ensure the safety of their funds.

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