Bitfront, a US crypto exchange backed by Japanese social media firm Line Corp, said it has suspended new sign-ups and credit card payments and will cease operations in a few months despite efforts to overcome challenges in the rapidly evolving industry.
Despite our efforts, we regretfully determined that we need to shut down BITFRONT in order to continue growing the LINEBlockchain ecosystem and LINK token economy, the California-based company said on Sunday.
Bitfront said the move is unrelated to recent issues among certain exchanges accused of misconduct FTX, which was one of the world's largest criptocurrencies exchanges. It was the subject of investigations by authorities for criminal misconduct. BlockFi filed for Chapter 11 bankruptcy protection on Monday after being hurt by the collapse of FTX.
Bitfront said it has suspended new sign-ups and credit card payments as of Nov. 28, and will suspend withdrawals on March 31, 2023. Interest for deposits made between December 5 and December 11 will be paid out on December 13, 2022, the company said.