Japan messaging giant Line has made the decision to seal lower its cryptocurrency exchange business among the continuing crypto winter.
Line-owned crypto exchange Bitfront formally announced on November. 27 an agenda to totally close lower the woking platform by March 2023.
Based on the statement, the closure was driven through the ongoing cryptocurrency bear market along with other issues within the crypto industry.
Regardless of the exchange’s closure, Line will still keep going its other blockchain ventures, such as the Line blockchain ecosystem and Link (LN) token, the announcement notes, stating:
“Despite our efforts to beat the difficulties within this quickly-evolving industry, we’ve regretfully determined that we have to shut lower Bitfront to be able to continue growing the road blockchain ecosystem and Link token economy.”
Bitfront also emphasized that the choice to close the exchange is made for that “best interest” from the Line ecosystem and it is unrelated towards the ongoing industry scandal relating to the FTX exchange.
Based on the announcement, Bitfront will require a gentle method of suspend its services, stopping signups and charge card payments on November. 28. The woking platform then intends to suspend additional deposits and charges of LN interest products and proceed using the related LN withdrawals by mid-December.
Through the finish of December, Bitfront aims to prevent all cryptocurrency and fiat deposits alongside buying and selling suspension and cancellation of open orders. Total suspension of withdrawals is scheduled for March 31, 2023, while customers would still have the ability to claim their assets in various jurisdictions from the U . s . States.
As formerly as reported by Cointelegraph, Line launched its proprietary crypto exchange in 2018 like a Singapore-based business. Initially referred to as BitBox, the organization was rebranded to Bitfront and gone to live in the U . s . States in Feb 2020. The exchange continues to be downscaling a number of its operations recently, suspending services in Columbia in August 2021.
Despite as being a smaller sized crypto exchange, Bitfront has significant buying and selling volumes during the time of writing. Based on data from CoinGecko, Bitfront’s daily buying and selling volume amounts to $55 million, according to CoinGecko, using the exchange buying and selling as many as five cryptocurrencies including Bitcoin (BTC), Ether (ETH), Link, Litecoin (LTC) and Tether (USDT).