Why Did The Cryptocurrency Exchange Bitfront Decide to Close?

The Bit Journal Editor
By The Bit Journal Editor Add a Comment
3 Min Read

Why did the crypto currency exchange Bitfront decide to close? Bitfront, a crypto exchange company, announced its closure following market turmoil, mainly due to the failure of FTX.

In addition, March 31, 2023 was announced as the deadline for the Bitfront exchange company to clear all deposits and withdrawals from investors. This year has been very difficult for the crypto market, causing Bitfront to close.

It is powered by Japan’s LINE Corporation. Bitfront said their suspension was in the best interest of the LINE blockchain and LINK token economy. In a statement issued by the company, it said: “Despite our best efforts to meet the challenges of this rapidly changing industry, it is unfortunate that we have to close Bitfront in order to maintain -opens the LINE blockchain ecosystem and the economy of line connection.”

He also said that they have worked hard to become a leader in the blockchain industry. In the statement, he reiterated that they are not closing because of the recent news of the company’s alleged corruption. Bitfront closes for the development of the LINE blockchain and the LINK token.

Bitfront live event

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Founded in February 2020, its mission is to secure digital assets and enable business. In less than 3 years, Bitfront’s performance has declined significantly. All crypto markets have had a difficult year with the decline of major crypto currencies. It started with the fall of the Terra sisters in May. Terra’s failure wiped out much of the market economy, forcing many companies to file for bankruptcy.

After that, the three capital cities collapsed. Recently, to inspire the cryptoverse, there was Sam Bankman-Fried’s multi-million dollar FTX. He filed for bankruptcy in the United States on November 11, 2022.

Termination of service

Bitfront has already suspended credit card services and new registrations from November 28. It will also suspend payments and deposits again until December 12. Interest on deposits will be paid from December 5 to 11. In addition, compulsory repayment of interest and LN/LN product deposits will be made from December 13. The right to withdraw money will end on March 31, 2023.

Bitfront expressed its gratitude and apologized to customers who use their services and spoke on the development of the platform.

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