Bitfront, a subsidiary of Japanese company LINE, known for its messaging application, announced that it has decided to shut down.
After the FTX crisis, many companies, including FTX, went bankrupt. At the same time, with the current bear market, crypto companies were going through tough times. The fluctuations in the crypto industry have led companies to make new attacks. Both the crypto exchange Bitfront are shutting down to change their focus.
US-based Crypto Exchange Bitfront Suspends Its Operations
Bitfront has decided to cease operations due to the current crypto conditions.
According to the statement, new memberships and credit card payments have been stopped as of today. Bitfront customers can withdraw tokens from their accounts until March 31, 2023. After March 31, token draws will end and user information will be deleted.
Bitfront made the following statement regarding the decision to shut down from its website:
“Bitfront was established to enable users to securely store and freely trade their digital assets. And from the very beginning, we did our best to be a leader in the blockchain industry. However, despite our efforts to overcome the challenges in this rapidly evolving industry, we regretfully decided that we must shut down Bitfront to continue growing the LINE blockchain ecosystem and the LINK token economy.
Please note that this decision is made in the best interest of the LINE blockchain ecosystem and has nothing to do with recent issues with some exchanges accused of abuse.”
Japanese messaging platform LINE previously announced that the exchange, which first launched as Bitbox in 2018 in Singapore, will be renamed Bitfront on February 27. It then closed the Singapore-based crypto exchange and relaunched it as a US-based global platform.
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