Why Crypto Bank Juno Asks Users to Take Self-Custody or Withdraw Money

Juno JUNO/USD, a crypto-banking company, has told its customers to self-store their digital assets or cash them out given that the company transfers funds from their clients to a different custodian.

What happened: In a tweet posted on Wednesday, Juno said that as a platform it does not hold crypto assets and relies on our partner Wyre cryptography for these services.

However, due to the uncertainty with its partner, Juno has taken preventive measures in the interests of customers.

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

Learn more: Best Crypto Day Trading Strategies

Wyre, once valued at $1.5 billion, has been hit by headwinds in recent months. In September, Bolt, a one-click payment company, backed out of its acquisition. Then, just before the new year, Axios reported that Wyre told employees it would liquidate and end its deals in January.

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

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

Read more: Bitcoin, Ethereum, Dogecoin rise on mostly bullish tone of The Fed: Analyst More Consolidation for Apex Crypto

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