Line shuts down crypto exchange to focus on blockchain and LN token

The Japanese messaging elephantine Line has decided to unopen down its cryptocurrency speech concern amid the ongoing crypto winter.

Line-owned crypto speech Bitfront officially announced connected Nov. 27 a program to wholly adjacent down the level by March 2023.

According to the statement, the closure was driven by the continued cryptocurrency carnivore marketplace and different issues successful the crypto industry.

Despite the exchange’s closure, Line volition inactive proceed to tally its different blockchain ventures, including the Line blockchain ecosystem and Link (LN) token, the announcement notes, stating:

“Despite our efforts to flooded the challenges successful this rapidly-evolving industry, we person regretfully determined that we request to unopen down Bitfront successful bid to proceed increasing the Line blockchain ecosystem and Link token economy.”

Bitfront besides emphasized that the determination to adjacent the speech was made for the “best interest” of the Line ecosystem and is unrelated to the ongoing manufacture scandal involving the FTX exchange.

According to the announcement, Bitfront volition instrumentality a gradual attack to suspend its services, stopping signups and recognition paper payments connected Nov. 28. The level past plans to suspend further deposits and involvement payments of LN involvement products and proceed with the related LN withdrawals by mid-December.

By the extremity of December, Bitfront aims to halt each cryptocurrency and fiat deposits alongside trading suspension and cancellation of unfastened orders. Total suspension of withdrawals is scheduled for March 31, 2023, portion customers would beryllium inactive capable to assertion their assets successful antithetic jurisdictions of the United States.

As antecedently reported by Cointelegraph, Line launched its proprietary crypto speech successful 2018 arsenic a Singapore-based business. Originally known arsenic BitBox, the institution was rebranded to Bitfront and moved to the U.S. successful February 2020. The speech has been downscaling immoderate of its operations successful caller years, suspending services successful South Korea successful August 2021.

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Despite being a smaller crypto exchange, Bitfront has important trading volumes astatine the clip of writing. According to information from CoinGecko, Bitfront's regular trading measurement amounts to $55 million, with the speech trading a full of 5 cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Link, Litecoin (LTC) and Tether (USDT).