On Monday, the cryptocurrency exchange BITFRONT announced its collapse. The Singapore-based cryptocurrency exchange warned consumers through a website notice. It underlined hurdles in the embryonic cryptocurrency market. The trading platform highlighted many reasons behind its move, including the need to continue expanding the LINE blockchain environment and the LINK token economy.
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 BITFRONT team stressed that the decision was taken in the best interests of the LINE blockchain ecosystem. It had nothing to do with current concerns involving some exchanges accused of misbehavior. Further, the collapse of the major cryptocurrency exchange FTX in November prompted Bahamian officials to launch an inquiry into alleged criminal activity behind the spectacular implosion.
BITFRONT explains the chronology of events leading up to its permanent shutdown in the website notification. Withdrawals will be permitted until March 31, 2023, at 5:00 a.m. (UTC). It strongly advises consumers to remove all assets before the deadline.
Prior to this date,
- new sign-ups,
- crypto and USD deposits,
- credit card payments,
- open API Service, and
- open orders
will be suspended and canceled sequentially from the moment of the notification until December 30, 2022.
The deadline for asset withdrawal will be March 31, 2023, and US clients will be able to collect their assets in all of their states, while worldwide consumers will be allowed to do so in the state of Delaware.