The Bitfront cryptocurrency exchange, owned by Line, has announced that it will shut down by March 2023 to focus on developing the Line blockchain ecosystem. According to the company’s statement, the main reasons for the shutdown were significant issues in the cryptocurrency industry and the ongoing bear market.
Bitfront stated:
“However, despite our efforts to overcome the challenges in this rapidly-evolving industry,we have regretfully determined that we need to shut down BITFRONT in order to continue growing the LINE blockchain ecosystem and LINK token economy.”
The decision to close the exchange, according to Bitfront, was made in the best interests of the Line ecosystem and had nothing to do with the ongoing contagion issues involving the FTX exchange.
On November 28, Bitfront will gradually stop accepting new users and processing credit card payments. The platform intends to stop taking new deposits and paying interest on LN interest products. It will start processing the associated LN withdrawals by the middle of December.
In addition to suspending trading and cancelling open orders by the end of December, Bitfront plans to suspend all cryptocurrency and fiat deposits. On March 31, 2023, all withdrawals will be stopped completely; however, users will still be able to claim their assets in various US states.
Despite the exchange closure, Line will continue to operate its other blockchain projects, such as the Line blockchain ecosystem and the Link (LN) token.
Based in Singapore in 2018, the cryptocurrency exchange was formerly known as BitBox. In February 2020, the company rebranded as Bitfront and relocated to the United States.
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