Bitfront – a cryptocurrency platform operated by internet company LINE Corporation – announced it will cease its services as of March 31, 2023.
The entity asserted that its decision is not related to the recent collapse of FTX.
The US-based exchange Bitfront informed its customers they should withdraw their assets by the end of March 2023 as it will halt all services and delete their information after that date.
It has already suspended new registrations and credit card payments, while trading will continue until the end of 2022.
LINE Corporation – a Japanese internet giant that manages Bitfront – said the closure will allow the company to develop its own blockchain ecosystem.
It also said the shutdown has no relation to “certain exchanges that have been accused of misconduct.”
The notorious crash of FTX is a prime example of an industry participant that triggered a wave of criticism. It filed for a voluntary Chapter 11 Bankruptcy at the beginning of November after failing to honor customer withdrawals and revealing severe liquidity issues.
The collapse caused colossal investor losses, while rumors hinted that some of FTX’s executives, including Sam Bankman-Fried, had committed serious fraud and failed to operate the platform adequately.
The prolonged bear market has disrupted the operations of numerous cryptocurrency exchanges, and some had to reduce the size of their teams.
Some examples include giants in the field, such as Coinbase, CryptoCom, Gemini, Bybit, Huobi, and BlockchainCom.
Other entities like the crypto lending platform Celsius and the hedge fund manager Three Arrows Capital (3AC) took a major punch and had to file for bankruptcy.
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