Crypto Exchange Bitfront Shutdown
All trading on Bitfront will be suspended by the end of the year, and withdrawals will be stopped on March 31, 2023.
Bitfront, a U.S. crypto exchange backed by Japanese social media firm Line Corp, revealed that it has suspended new sign-ups and credit card payments and will stop operations in a few months despite efforts to overcome challenges in the rapidly evolving industry.
“However, despite our efforts … we have regretfully determined that we need to shut down BITFRONT to continue growing the LINE blockchain ecosystem and LINK token economy,” the California-based company said in a statement on its website on Monday.
According to Bitfront, the move is totally unrelated to recent issues among certain crypto exchanges that have been accused of “misconduct”.
FTX, one of the world’s largest cryptocurrency exchanges, is now the subject of investigations by authorities for “criminal misconduct”. FTX earlier this month filed for bankruptcy, while cryptocurrency lender BlockFi filed for Chapter 11 bankruptcy protection on Monday, being extremely exposed to the collapse of FTX.
Bitfront said it has suspended new sign-ups and credit card payments as of November 28 and will suspend withdrawals on March 31, 2023. The company clarified that interest for deposits made between Dec. 5 and Dec. 11 would be paid out on Dec. 13, 2022.