In the midst of the ongoing crypto winter, the Japanese messaging giant Line has decided to close its cryptocurrency exchange, as reported by Cointelegraph.
Cointelegraph further noted that the Bitfront cryptocurrency exchange, which is owned by Line, formally announced on November 27 that it would shut down completely by March 2023.
The statement claims that other problems in the cryptocurrency industry as well as the ongoing bear market in cryptocurrencies were the main reasons for the closure. The announcement notes that despite the exchange’s closure, Line will continue to operate its other blockchain projects, including the Line blockchain ecosystem and Link (LN) token, adding, “Despite our efforts to overcome the challenges in this rapidly-evolving industry, we have regretfully determined that we need to shut down Bitfront in order to continue growing the Line blockchain ecosystem and Link token economy.”
Cointelegraph stated that the announcement states that Bitfront will discontinue its services gradually, with signups and credit card payments ending on November 28. By the middle of December, the platform intends to stop accepting new deposits and making interest payments on LN interest products.
Bitfront aims to stop all cryptocurrency and fiat deposits, as well as trading suspension and order cancellation, by the end of December. On March 31, 2023, all withdrawals will be stopped completely, but customers will still be able to claim their assets in various US states, Cointelegraph further informed.
(With insights from Cointelegraph)