By George Ward
Today, another crypto firm announced its plan to shut down operations. The Singapore-based cryptocurrency exchange firm, Bitfront has decided to exit the crypto industry.
The company announced the news on its website, citing several hurdles in the crypto market. Besides, several crypto platforms have suspended operations citing the harsh crypto market situation.
Bitfront crypto exchange, a section of Japan’s social network, LINE, has decided to shut down all operations. According to the exchange, it is no longer accepting new users or credit card payments.
In addition, Bitfront plans to stop accepting interest and deposit payments for all its interest-enabled products on December 12th.
On December 13th, the platform will initiate forced withdrawals of interest and deposits on its LN/LN interest products. This also includes interests made between December 5th and 11th.
Furthermore, the notice said as, from December 30th, users can not make crypto and dollar deposits on the exchange. Also, they will not be able to cancel open orders or trade.
Hence, users must withdraw their funds by March 31st, 2023, 13:00 UTC. Bitfront was designed to provide users with a secure environment in which they can keep and freely exchange their virtual currencies.
As a result, the platform has made a concerted effort to position itself at the forefront of the blockchain industry. Meanwhile, the trading platform cited the economics of LINE tokens as a reason for its decision.
It also noted the need to focus entirely on building the LINE blockchain network. “We are closing down to allow the LINE blockchain and LINE token economy to expand,” the report stated.
A Deadline For Funds’ Withdrawals
The Bitfront group also emphasized that the decisions made were made after considering the LINE blockchain. Hence, its closure has nothing to do with current issues of individual exchanges accused of engaging in questionable activities.
Bitfront provided a timeline of events before the final closure on its website. According to the notice on its website, withdrawals are open until March 31st, 2023.
As a result, the platform urged users to withdraw their assets before withdrawals were closed. Meanwhile, the platform noted that it will suspend and cancel several services from now till December 30th.
Such services include new registrations, Open API Service, USD and crypto trades, open orders, deposits, and credit card payments. After the deadline for asset withdrawal (March 31st, 2023), the platform’s US clients can still collect their digital assets in each state. International users can collect theirs in Delaware.
The Line crypto exchange recently announced its shutdown to focus on the LINE blockchain.