Line is closing its cryptocurrency exchange to concentrate on the blockchain and the LN coin

In the midst of the continued crypto cold, the Japanese messaging giant Line has chosen to close its cryptocurrency exchange. Cryptocurrency exchange Bitfront, which is owned by Line, formally declared on November 27 that it would close completely by March 2023. The statement claims that further problems in the bitcoin business as well as the ongoing bear market in cryptocurrencies were the main reasons for the closure.

Despite the continued market problems, the Japanese messaging giant will continue to support its Line blockchain ecosystem and the Link coin

The announcement says: “Despite our efforts to overcome the obstacles in this rapidly evolving industry, we have regrettably decided that we must close Bitfront in order to continue expanding the Line blockchain ecosystem and the Link token economy.”

Despite the exchange’s shutdown, Line will continue to operate its other blockchain projects, such as the Line blockchain ecosystem and the Link (LN) token. In addition, Bitfront highlighted that the closure of the exchange had nothing to do with the ongoing FTX exchange issue and was instead done in the “better interest” of the Line ecosystem.

The notice says that Bitfront will phase out its services gradually, with registrations and credit card payments ending on November 28. In mid-December, the site intends to stop accepting new deposits and making interest payments on LN interest products. Bitfront wants to stop all cryptocurrency and fiat deposits, as well as trading suspension and order cancellation, by the end of December. On March 31, 2023, all withdrawals will be completely stopped, but consumers will still be able to collect their assets in several US states.

Initially, Line opened its own cryptocurrency exchange in 2018 as a Singapore-based company. The business, which was previously known as BitBox, changed its name to Bitfront in February 2020 and moved there. The exchange has scaled back some of its operations in recent years, and in August 2021 South Korean services were discontinued.

Despite being a smaller cryptocurrency exchange, Bitfront now enjoys large trading volumes. Bitfront trades a total of five cryptocurrencies, including Bitcoin BTC, Ether, Link, Litecoin and Tether, with a daily trading volume of $55 million, according to statistics from CoinGecko.

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