BitFront has announced complete closure of operations following the market turmoil.
BITFRONT is run by LINE Corporation, a Tokyo-based internet firm.
The exchange has set March 31, 2023, as the deadline for finalizing all investor deposits and withdrawals.
As a result, FTX-backed Singapore exchange Genesis Block previously announced plans to shut its trading network. And now, BitFront, a cryptocurrency exchange headquartered in Palo Alto, California, has announced that it will shut down all of its operations before the end of the year.
The exchange has set March 31, 2023, as the deadline for processing all investor deposits and withdrawals. They choose to discontinue their services in order to expand the LINE blockchain ecosystem and the LINK token economy (Bitfront is owned by the LINE Corporation of Japan).
Bitfront has already ceased credit card services and new sign-ups as of November 28. It will withhold additional payments and deposits until December 12. While interest on deposits will be paid from December 5 to 11.
Furthermore, the additional compulsory withdrawal of interests and deposits of LN/LN products will be completed by December 13. The ability to make withdrawals will be shut down on March 31, 2023.
Bitfront expressed gratitude and apologized to users that utilized their services and participated in the platform's development.
Despite being a smaller cryptocurrency exchange, Bitfront enjoys significant trading volumes. As per reports, Bitfront's daily trading volume is $55 million, and the exchange offers five cryptocurrencies for trading: Bitcoin, Ethereum, Link, Litecoin, and Tether.
The bankruptcy filings and the shutdown of the operations are just the beginning of a prolonged crypto winter that was triggered by the FTX meltdown. Every day, the FTX debacle came with a new twist, but only time will tell which crypto exchange is next in line.
What do you think, which crypto exchange will be the next to be affected by the FTX meltdown? Share your views in the comment section below.
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