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Cryptocurrency exchange Bitfront has announced its closure
Bitfront, a cryptocurrency exchange founded by LINE, a leading social network in East Asia, has announced its closure. After March 31, 2023, the withdrawal of digital assets will become unavailable, and user data and accounts will be permanently deleted.
The company’s management stated that Bitfront was created for the safe storage and transparent trading of cryptocurrencies. However, despite efforts to overcome the industry crisis, the management decided to close the crypto exchange. According to the company’s employees, they preferred to develop the LINE blockchain ecosystem and promote LINK tokens, and the closure of the crypto exchange is not related to the recent market problems due to the FTX collapse. Bitfront’s press service expressed gratitude to customers and apologized to everyone who used the services of the crypto exchange.
Finally, the company has published an action plan related to the closure of the cryptocurrency platform’s services. Thus, today, November 28, the possibility of creating new accounts will be suspended. Later, on December 13, the exchange will freeze credit card payments until the end of transactions with LN/LN interest-bearing products. Also, from December 5 to 11, all deposits will be forcibly withdrawn.
Bitfront was not the first cryptocurrency exchange in the world to announce problems or platform closure in November. For example, the AAX cryptocurrency exchange, which recently stopped all operations with digital assets, deleted its official accounts on Youtube and Facebook. This probably indicates that AAX has gone bankrupt, although there has been no official announcement from the company yet. Earlier in November, Gemini warned customers about problems with withdrawals.
As a reminder, cryptocurrency experts from Coinbase Research have predicted long-term problems for the industry that could reach 2023. Analysts suggest that market turbulence and the lack of large investors investing in digital assets may prolong the cryptocurrency winter.