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Crypto Exchange Bitfront Announces Closure by Year End

  • Line made it clear that the FTX scandal had nothing to do with their move.
  • Bitfront will shut down its services somewhere in December.

In order to devote more resources to its other blockchain endeavors, Japanese company Line has decided to close its U.S. exchange Bitfront around the upcoming New Year. The messaging platform announced in an email to users that it would no longer be accepting new signups as of today and would be gradually shutting down over the course of the following four months.

Focus on Other Endeavors

The decision was made, according to Line, which also operates the LINE blockchain system and the Link (LN) token.

According to the announcement:

 “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,” 

Moreover, Line made it clear that the FTX scandal, which has caused some customers to lose faith in centralized exchanges, had nothing to do with their move.

According to Line’s current timeline, Bitfront will shut down its services somewhere in December, with withdrawals being completely halted on March 31, 2023. Customers in the United States may still file claims in their home states after this, but those elsewhere in the world will have to go via the state of Delaware to do so.

Line, headquartered in Tokyo, is the company behind the famous messaging service. Additional services, including news, entertainment, and payment processing, are available to app users as well. Bitfront, a worldwide exchange for digital currency headquartered in the United States, was launched in 2020. Line’s own digital currency, named Link, was introduced the same year.

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