A U.S. crypto exchange, Bitfront, is backed by Line Corp Japanese social media firm. It said it would cease operations in a few months and has already suspended credit card payments and new sign-ups despite overcoming efforts and challenges of the fast-evolving industry.
Photo: Representations of cryptocurrencies plunge into the water
On Sunday, the California-based company announced on its website, “However, despite our efforts … we have regretfully determined that we need to shut down BITFRONT in order to continue growing the LINE blockchain ecosystem and LINK token economy.”
Bitfront confirms it is not related to recent issues among crypto exchanges accused of “misconduct.”
FTX was among the largest crypto exchange platforms in the world, but now authorities have come to the investigation as accused of “criminal misconduct” and subject to bankruptcy earlier this month. While on Monday, BlockFi, a cryptocurrency lender, filed for Chapter 11 bankruptcy protection, hurt by FTX collapse exposure.
As of 28 Nov, Bitfront said it has suspended credit card payments and new sign-ups and will suspend withdrawals on 31 Mar 2023. The company revealed that deposit interests made between 5 Dec – 11 Dec and paid on would be paid out on 13 Dec 2022.