Line has decided to shut down its cryptocurrency exchange business amid the ongoing crypto winter.
Line-owned crypto exchange Bitfront officially announced a plan to completely close down the platform by March 2023. According to the statement, the closure was driven by the continued cryptocurrency bear market and other issues in the crypto industry.
Despite the exchange’s closure, Line will still continue to run its other blockchain ventures, including the Line blockchain ecosystem and Link token.
Bitfront also emphasized that the decision to close the exchange was made for the best interest of the Line ecosystem and is unrelated to the ongoing industry scandal involving the FTX exchange.
According to the announcement, Bitfront will take a gradual approach to suspend its services, stopping signups and credit card payments on Nov. 28. The platform then plans to suspend additional deposits and interest payments of LN interest products and proceed with the related LN withdrawals by mid-December.
By the end of December, Bitfront aims to stop all cryptocurrency and fiat deposits alongside trading suspension and cancellation of open orders. Total suspension of withdrawals is scheduled for March 31, 2023, while customers would still be able to claim their assets in different jurisdictions of the United States.
