Cryptocurrency exchange Bitfront is set to shut down by March 31, 2023 as the company that owns the exchange intends to focus on other blockchain projects.
The Japanese technology company Line, which developed the messenger of the same name, is closing its Bitfront crypto exchange. It is reported that the company came to the decision due to the protracted crisis in the digital asset market.
Despite this, Line will not stop developing other projects related to the blockchain – the Line ecosystem and the Link (LN) token associated with it. The company claims that the closure of the crypto exchange will help develop other projects. At the same time, the announcement emphasized that the closure had nothing to do with the collapse of the FTX crypto exchange. The suspension of services will begin today and should end in mid-December.
By the end of December, Bitfront plans to stop all crypto and fiat deposits, then stop trading and cancel orders already open. A full suspension of withdrawals is scheduled for March 31st. Despite this, the company promises, US clients will be able to claim their assets even if someone suddenly does not have time to withdraw them on time.
According to data CoinMarketCup, as of November 28, the daily trading volume of the crypto exchange is $57 million. And this despite the fact that the exchange trades only five digital currencies: bitcoin (BTC), ether (ETH), Tether (USDT), Litecoin (LTC) and LINK ( LN).
Earlier it was reported that deputies of the State Duma of the Russian Federation are going to introduce new amendments to the law “On Digital Financial Assets” – they should allow trading in digital assets on a state-controlled site.
Source: Bits
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