The cryptocurrency exchange Bitfront, which was launched by LINE, one of the most popular social networking platforms in East Asia, has announced that it would be closing down. After the 31st of March, 2023, users will no longer be able to withdraw coins, and their information will be destroyed.
The statement reads:
“BITFRONT was established to enable users to safely store and freely trade their digital assets.
And, from the beginning, we have done our best to be a leader in the blockchain industry.”
However, they continued, despite their best attempts to adapt to the ever-changing nature of the business, they have reluctantly concluded that they must cease operations in order to support the expansion of the LINE blockchain environment and the LINK token economy.
“Please note that this decision was made for the best interest of the LINE blockchain ecosystem and is unrelated to recent issues related to certain exchanges that have been accused of misconduct.”
A Little Background on Bitfront
In 2018, the cryptocurrency exchange made its debut in Singapore under the name BITBOX. Two years later, in 2020, it relocated to the United States and changed its name to Bitfront. The company is managed by the internet corporation LINE Corporation, which has its headquarters in Tokyo, and by the blockchain subsidiary of LINE Corporation, which is LVC Corporation.
Z Holdings, which is controlled by the Japanese corporation SoftBank and the South Korean internet business Naver, is the parent company of LINE.
According to data provided by CoinGecko, the daily trading volume on Bitfront amounts to $55 million, and the exchange trades a total of five cryptocurrencies, including Bitcoin, Ethereum, Chainlink, Litecoin, and Tether. Among the cryptocurrencies that are traded on Bitfront are:
