Cryptocurrency exchange Bitfront is shutting down

Nov. 28 (Reuters) – Bitfront, a U.S. cryptocurrency exchange backed by Japanese social media firm Line Corp, said it has suspended new sign-ups and credit card payments and will cease operations in a few months despite efforts to overcome challenges in the region. Rapid development. industry.

“However, despite our efforts…we have decided with regret that we need to close BITFRONT in order to continue growing the LINE blockchain ecosystem and the LINK digital currency economy,” the California-based company said in a statement. website Sunday.

Bitfront said the move was unrelated to recent cases between some cryptocurrency exchanges that have been accused of “misconduct”.

FTX, which used to be among the largest cryptocurrency exchanges in the world, is now under investigation by authorities for “criminal misconduct.”

The company filed for bankruptcy earlier this month, while cryptocurrency lender BlockFi filed for Chapter 11 bankruptcy protection on Monday, affected by exposure to the FTX meltdown.

Bitfront said it has suspended new sign-ups and credit card payments as of November 28, and will suspend withdrawals on March 31, 2023. Interest on deposits made between December 5 and December 11 will be paid on December 13, 2022, the company said.

Additional reporting by Rahat Sandhu and Maria Poonzahat in Bengaluru; Editing by Sherry Jacob Phillips

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