LINE-Backed Bitfront Exchange to shut down

Key Takeaways:

  • The LINE Messaging platform-backed digital currency trading platform Bitfront has declared its intention to shut down its operational processes.
  • Furthermore, Bitfront emphasised that the choice to close the exchange had nothing to do with the currently underway FTX Fiasco.

The cryptocurrency exchange BITFRONT, which was established by LINE, one of the biggest social media platforms in Asia, declared its shutdown. The company cited its intention to work on other blockchain projects as the reason for the closure, which is said to be entirely unrelated to the current FTX collapse.

On November 27, Bitfront formally unveiled a plan to shut down the platform entirely by March 2023.The statement claims that other problems in the cryptocurrency industry as well as the ongoing bear market in cryptocurrencies were the main reasons for the closing.

We have regretfully determined that we need to shut down BITFRONT in order to continue growing the LINE blockchain ecosystem and LINK token economy.”

According to the official announcement, this choice was made in the best interests of the LINE blockchain ecosystem and has nothing to do with recent problems involving specific exchanges that have been suspected of violations.

The customer’s right to their personal information is still in effect even after the service is discontinued as long as it is stored. However, if there are any statutory requirements, LVC USA Inc. may fulfil its legal responsibilities before so that  clients can practise their legal rights.

Over the past 11 months, there have been quite a few business failures in the digital currency environment, including major players Celsius Network, BlockFi, Zipmex, and Voyager Digital. The latest shock has been one of the biggest in the industry, Bankman fried’s FTX.

Beginning in December, Line will also halt all trades, stop accepting deposits in cryptocurrencies and dollars, and revoke all open orders. The business will stop allowing withdrawals on its platforms by March 31, 2023.

On March 31, 2023, the company promised to delete all personally identifiable information about users that Bitfront has stored, though it may keep some relevant information for legal reasons.

Even after being a smaller cryptocurrency exchange, Bitfront currently has sizable trading volumes. The daily trading volume for Bitfront is $55 million, according to details from CoinGecko.

Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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