The social network LINE shuts down the Bitfront cryptocurrency exchange

Bitfront, a cryptocurrency exchange founded by LINE, a single of the biggest social networks in Asia, has announced its closure.

Japanese social media company LINE has determined to shut down Bitfront, a cryptocurrency exchange that launched in 2020, in accordance to notification official.

Starting March 31, 2023, the platform will freeze withdrawals and delete all consumer data inside of forty days. At the identical time, the technique for registering new accounts and credit score card payments will be suspended instantly.

LINE will now target on creating its very own blockchain and token. Notice writes:

“Despite our efforts to overcome the challenges in this rapidly growing industry, we have sadly decided to shut down Bitfront to continue growing the LINE blockchain ecosystem and LINK token economy.”

The corporation mentioned that today’s selection was “made in the best interests of LINE’s blockchain ecosystem” and is unrelated to latest concerns of “several exchanges accused of misconduct.”

LINE is at this time a single of the most preferred messaging apps in Japan, with more than 80 million domestic consumers. The Japanese messaging giant launched the “LINE NFT” NFT marketplace on April 13 and established partnerships with quite a few of the country’s top rated enjoyment businesses at the time.

As this kind of, Bitfront is the up coming identify to cease working in the recent weak industry setting. FTX filed for bankruptcy earlier this month, with agonizing consequences for the whole field. Bitcoin is at this time trading all around the $sixteen,200 mark, a far cry from its closest peak of $69,000 this time final yr.

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