The crypto payments startup Wyre finally announced on Twitter it was shutting down Friday. The company has been limping along for some months after Bolt cancelled its deal to buy the company for $1.5 billion last year.
The San Francisco company made clear that its decision to shut down had nothing to do with any regulatory action. The Securities and Exchange Commission has gone to war with major crypto companies lately, filing lawsuits against the world's largest exchange, Binance, and the country's largest exchange, Coinbase, accusing the exchanges of illegally selling unregistered securities.
Wyre was a payments partner of Binance.US, the U.S. arm, but recently the exchange halted U.S dollar withdrawals and deposits due to the pressure from regulators.
The news that Wyre was shutting down comes as no surprise. In January CEO Ioannis Giannaros told employees that he would be significantly scaling back the company's operations and planned to liquidate the company. But then in April, Wyre announced it had a new CEO, Stephen Chang, and was turning the company around thanks to a "capital influx."
Apparently, this unnamed source of funding was not enough to save the crypto company, which has become another victim in the crypto sector's spectacular collapse over the last two years.
Wyre has not yet returned a request for comment.
