Business
Bitfront A Crypto Exchange To Shut Down
(CTN NEWS) – Despite efforts to address issues in the quickly developing business, Bitfront, a U.S. cryptocurrency exchange funded by the Japanese social media company Line Corp, announced it has halted new sign-ups and credit card payments and will close in a few months.
But despite all of our efforts, We regret to announce that to maintain the expansion of the LINE blockchain environment and LINK token economy;
We must shut down BITFRONT,” the California-based company confirmed in a statement posted on its website on Sunday.
Bitfront, a crypto exchange that’s backed by Japan’s internet giant Line, is shutting down amid “rapidly evolving” challenges in the industry https://t.co/yFGo4Tr5Gl
— Bloomberg Crypto (@crypto) November 29, 2022
According to Bitfront, the action is unrelated to recent problems involving certain cryptocurrency exchanges accused of “misconduct.”
Authorities are currently looking into FTX, which used to be one of the biggest bitcoin exchanges in the world, for “criminal behavior.”
The company had already filed for bankruptcy earlier this month, and on Monday, bitcoin lender BlockFi also did so, damaged by exposure to FTX’s demise.
According to Bitfront, withdrawals will stop on March 31, 2023, after new sign-ups and credit card payments were stopped as of November 28.
The business clarified that interest payments for deposits made between December 5 and December 11 would be made on December 13, 2022.
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