Crypto Exchange Bitfront Announces Its Shutdown; Here’s Why

Bitfront News:

Also,31 March 2023 has been announced as the deadline by the exchange firm Bitfront to clear all the deposits and withdrawals of investors. This year has been exceptionally challenging for the crypto market, thus, pushing Bitfront to close down.

It is being backed by a Japanese LINE Corporation. Bitfront said that their shutdown is in the best interest of the LINE blockchain and the LINK token economy. In a notification issued by the firm, it said, “despite our efforts to overcome the challenges in this rapidly-evolving industry, we have regretfully determined that we need to shut down Bitfront in order to continue growing the LINE blockchain ecosystem and LINK token economy.”

It also mentioned that they have done its best to be the leader in the blockchain industry. In the statement it repeated that they are not shutting down because of the recent news of firms being accused of misconduct. Bitfront is shutting down for the prosperous growth of the LINE blockchain and LINK token.

Events In The Lifetime Of Bitfront

Founded in February 2020, its aim was to store digital assets safely and enable free transactions. In less than 3 years, Bitfront’s performance has been dropping drastically.

The entire crypto market has faced a very tough year with the collapse of major cryptocurrencies. It started with the failure of the Terra sisters in the month of May. The collapse of Terra drained a lot of wealth from the market, forcing many firms to file for bankruptcy. After this, came the crumble of Three Capital Arrows. Lately to shake the cryptoverse is Sam Bankman-Fried’s multi-million dollar FTX. It filed for bankruptcy in the United States on 11 November 2022.

The Suspension Of Services

Bitfront has already suspended credit card services and new sign-ups from November 28. It will be further suspending additional payments and deposits by December 12. While interest for deposits will be paid from 5 to 11 December. Also, the additional forced withdrawal of interests and deposits of LN/LN products will be done by December 13. The ability to make withdrawals will be put to a stop on 31 March 2023.

Bitfront expressed gratitude and issued an apology to customers who used their services and had a voice in developing the platform.

Shourya is a crypto fanatic who has developed interest in Business Journalism in the past few years. Currently, working as a writer with Coingape, Shourya is also an avid reader. Apart from writing, you can find her attending poetry shows, exploring cafes and watching cricket. As she says, “dogs are my home,” her first rescue of a dog was at the age of 7! She has constantly been speaking up for mental health and the rainbow pride.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.