Crypto exchange Bitfront closed
U.S. crypto exchange Bitfront, backed by Japanese social network Line Corp (NYSE:LN), has suspended new registrations and credit card payments and has announced that it will stop operating in a few months.
The company has suspended registrations effective November 28 and will suspend withdrawals on March 31, 2023. Interest on deposits made between 5 and 11 December will be paid on 13 December 2022.
On its website on Sunday, the California-based company made a statement that “Despite our efforts…, we regretfully decided that we need to shut down Bitfront in order to continue developing the LINE blockchain ecosystem and LINK tokens.”
However, this decision by Bitfront, according to her, is not at all related to recent problems among crypto exchanges, which were accused of “wrongdoing” and became the subject of an investigation. In particular, we are talking about FTX, which was one of the largest cryptocurrency exchanges in the world, and BlockFi, which also filed for bankruptcy, having suffered from the collapse of FTX.