cryptoknowmics.com
In light of the current cryptocurrency winter, the Japanese messaging behemoth Line has chosen to close its cryptocurrency exchange. The Bitfront cryptocurrency exchange, owned by Line, formally declared its plan of a complete shutdown by March 2023 on November 27. The statement by BITFRONT claims that additional problems in the cryptocurrency business and the ongoing bear market in cryptocurrencies were the driving forces for the shutdown.
BITFRONT Creator to Operate Other Blockchains
According to the release, Line will continue to operate its other blockchain projects despite the exchange's closure, including the Line blockchain ecosystem and Link (LN) coin. Additionally, Bitfront highlighted that the BITFRONT shutdown had nothing to do with the recent FTX exchange issue and was instead done in the better interest of the Line ecosystem.
Halt on New Signups and Credit Card Payments
In accordance with the announcement, Bitfront will gradually stop accepting new signups and credit card payments starting on November 28. The platform then intends to stop accepting new deposits and making interest payments on LN interest products and start processing the associated LN withdrawals by the middle of December. In addition to suspending trading and canceling open orders by the end of December, Bitfront plans to cease all cryptocurrency and fiat deposits. On March 31, 2023, all withdrawals will be stopped completely. However, consumers will still be able to collect their assets in several US states.