Line messenger to close Bitfront, its affiliated cryptocurrency exchange

Line, the operator of the eponymous messaging app, announced that its affiliated bitcoin exchange Bitfront would shut down as of March 31, 2023.

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

The operator attributed the decision to crypto winter and “other factors” in the industry. FTX collapse had no impact.

“Despite our efforts to overcome the problems, we regret that we must close Bitfront. This is necessary for the development of Line’s blockchain ecosystem and the Link utility-token economy,” — according to a press release.

From November 28, the platform will suspend new account registrations and card payments. By mid-December, additional deposits and interest payments on LN interest products are planned to be suspended.

By the end of December Bitfront will terminate all deposits in cryptocurrencies and fiat currencies. Trading will be frozen, and open orders cancelled.

A full withdrawal shutdown is scheduled for March 31, 2023. Going forward, clients will be able to submit the corresponding withdrawal requests in various U.S. jurisdictions.

According to CoinGecko, the exchange’s daily trading volume stands at $58.5 million.

Line announced in 2018 the launch of its public blockchain Link Chain and the Link cryptocurrency. That year, the company founded the Bitbox exchange in Singapore.

In 2019 the operator opened the regulated digital asset platform BitMax for users in Japan.

In 2020 the company conducted a rebranding and relaunched the Bitcoin exchange in the United States.

Earlier Line created an NFT marketplace.

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