BITFRONT crypto exchange will cease operations in 2023

The company’s representatives assured that the closure is not related to recent events in the industry

28.11.2022 - 12:00

341

2 min

What’s new? Crypto exchange BITFRONT has issued a notice about the closure of its services. Starting November 28, new user signups and credit card payments have been stopped, and on March 31, 2023, at 05:00 UTC, withdrawals will be completely halted. Users need to withdraw all assets from the platform before that date.

Notice on the BITFRONT website

What is the reason for the closure? In the notice, representatives of the exchange noted that the decision was made in order to continue working on the development of the LINE blockchain ecosystem and the LINK token economy. BITFRONT stressed that the closure of the exchange is not related to the recent problems of “certain exchanges that have been accused of misconduct.”

On December 12, at 00:10 UTC, additional deposits and interest payments of interest products will be suspended. On December 13, interest payments on deposits made between December 5 through December 11, 2022, will be paid. On December 30, trading, crypto and dollar deposits, and Open API service will be halted, and open orders will also be canceled. On March 31, 2023, withdrawals from the exchange will be stopped.

BITFRONT was founded in 2020 by LINE blockchain developers. The exchange is operated by LVC USA Inc. a subsidiary of LINE Corporation, publicly listed on the Tokyo Stock Exchange and Nasdaq. The daily trading volume on the platform in the last 24 hours was $58,44 million.

Also on November 28, the media reported on the bankruptcy of the AAX crypto exchange, which had previously suspended trading, depositing, and withdrawal of funds. In addition, AAX Vice President Ben Caselin announced his resignation from the company. He said that he fought for the community until the last minute, but none of the initiatives he proposed were accepted.

Author: