Crypto Exchange Bitfront to Shut Down Operations in First Quarter of 2023

Bitfront, a US-based global digital currency exchange has announced plans to shut down operations. the LINE corporation-owned exchange will halt all activities by the end of March 2023.

According to an announcement by the exchange today, the closure comes as a result of constant failed efforts by Bitfront to overcome the difficult situations it faces. Although it is a difficult decision, it was in the interest of the LINE blockchain industry and the LINK token economy.

Bitfront in the announcement also said the closure has nothing to do with any misconduct. Especially since after the collapse of FTX, most exchanges have come under intense scrutiny for misconduct. Effective today, there will be suspensions of new signups and users won’t be able to make credit card payments.

Additionally, in December users won’t be able to deposit and get interest payments on their LINE and LINK interest products. Interestingly, interest accrued on deposits made from December 5 to December 11, 2022, will be paid. Therefore everyone is advised to withdraw all deposits as well as interest.

In addition, the firm will also suspend Crypto, USD deposits, trade, and open API service. Furthermore, the cancellation of open orders is also affected as they will no longer be available. 

Notably, the final closure will happen on March 31, 2023, thereby denying customers access to the platform. To this end, the firm advises users to withdraw all other assets from the platform on or before the due date to avoid loss.

Bitfront established in 2020 has been working assiduously to ensure it enables users to store and trade their digital assets freely. With the prevailing market turbulence in the industry, the exchange has resolved to shut down. 

Crypto Firms Respond to the Crypto Winter

It’s no longer news that the prolonged crypto winter has adversely affected the industry negatively, forcing many of the players to work out strategies to remain operational. To this end, several platforms including the Asia-based cryptocurrency liquidity provider GSR and open-banking start-up TrueLayer have resulted in downsizing their workforce to outlive the crypto winter.