Even though there are problems in the industry, the Japanese messaging giant will still support its Line blockchain ecosystem and the Link token.
Line Closes Its Crypto Exchange
The Line closes its crypto exchange so that it can focus on blockchain and the LN token news.
In the middle of the crypto winter, the Japanese messaging company Line has decided to shut down its cryptocurrency exchange business.
Bitfront, a cryptocurrency exchange owned by Line, said on November 27 that it would shut down completely by March 2023.
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The statement said that the closure was due to the ongoing cryptocurrency bear market and other problems in the cryptocurrency industry.Even though the exchange is closing, Line will keep running its other blockchain projects, such as the Line blockchain ecosystem and the Link (LN) token, according to an announcement:
“Despite our efforts to overcome the challenges in this rapidly-evolving industry, we have regretfully determined that we need to shut down Bitfront to continue growing the Line blockchain ecosystem and Link token economy.”
Bitfront also said that the decision to close the exchange was made in the “best interest” of the Line ecosystem and had nothing to do with the FTX exchange scandal still occurring in the industry.
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According to the announcement, Bitfront will slowly stop offering its services. On November 28, signups and credit card payments will no longer be possible. The platform then plans to stop taking new deposits, paying interest on LN interest products, and move forward with LN withdrawals related to these products by the middle of December.
Bitfront wants to stop all cryptocurrency and fiat deposits by the end of December. They also want to stop trading and cancel all open orders. On March 31, 2023, customers will no longer be able to withdraw, but they will still be able to get their assets in different parts of the United States.
Blockchain Gossips has already reported that Line opened its cryptocurrency exchange in 2018 as a business in Singapore. The company used to be called BitBox. In February 2020, it changed its name to Bitfront and moved to the U.S. The exchange has been downscaling some of its operations recently, suspending South Korean services in August 2021.
Even though Bitfront is a smaller crypto exchange, it has many trades going on at the time of writing. Blockchain Gossips says that Bitfront’s daily trading volume is $55 million and that the exchange trades five cryptocurrencies: Bitcoin, Ether, Link, Litecoin, and Tether.