A cryptocurrency exchange called BITFRONT announced its collapse on Monday. Users were alerted by a website notification from the Singapore-based cryptocurrency exchange, highlighting difficulties in the emerging crypto market.
Singaporean Crypto Exchange Next to Close Doors After FTX Collapse
The trading platform highlighted the need to maintain the expansion of the LINE blockchain ecosystem and the LINK token economy as justification for its choice. The BITFRONT team highlighted that the choice was taken with the LINE blockchain ecosystem in mind and had nothing to do with recent problems involving specific exchanges accused of misbehavior.
Bitfront, the cryptocurrency exchange founded by LINE, one of the largest social media in East Asia, announced its closure. After March 31, 2023, the withdrawal of coins will stop and user information will be deleted. https://t.co/PX059C6ofJ
— Wu Blockchain (@WuBlockchain) November 28, 2022
Major cryptocurrency exchange FTX went under in November, prompting Bahamian officials to investigate possible criminal activity related to the shocking crash.
LINE’s worldwide cryptocurrency exchange, BITFRONT, was established in February 2020. It trades the leading cryptocurrencies, Bitcoin and Ethereum, and LINE’s blockchain mainnet token, LINK, in USD fiat markets. BITBOX was the previous name for BITFRONT. Before the announcement, LVC USA Inc., a division of LINE Corporation, one of the biggest social media platforms in East Asia, ran BITFRONT.
BITFRONT describes the events leading to its permanent closure in the website notification. Withdrawals will be permitted until March 31, 2023, at 5:00 a.m., according to the statement (UTC).
It exhorts consumers to remove all funds by the specified time. Before this date, all new registrations, credit card payments, cryptocurrency and USD deposits, trades, open orders, and Open API Service will be suspended and canceled sequentially from the time of the notice until December 30, 2022. After March 31, 2023, clients can claim their assets in each of their states in the United States, while customers from other countries could do so in the state of Delaware.
Read more:
- AAX Vice President Departs The Cryptocurrency Exchange Amid Continuous Operational Standstill
- Crypto Exchanges Huobi And Poloniex Could Merge In The Future
- Huobi Announced A Rebrand And A New International Strategy After Being Acquired Last Month