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California-based cryptocurrency exchange Bitfront has announced that it will close for business, and will focus on the LINE blockchain ecosystem.
As the crypto sector edges ever further into one of its toughest ever bear markets, Bitfront has become the latest casualty on a growing list of exchanges either undergoing bankruptcy, pausing due to liquidity issues, or just closing down due to the harsh challenges they are facing.
Bitfront announces its closure
In an announcement on its website, the Bitfront team states that the decision to close the exchange has nothing to do with “issues” that are related to the “misconduct” of certain other exchanges.
“despite our efforts to overcome the challenges in this rapidly-evolving industry, we have regretfully determined that we need to shut down BITFRONT in order to continue growing the LINE blockchain ecosystem and LINK token economy.
* Please note that this decision was made for the best interest of the LINE blockchain ecosystem and is unrelated to recent issues related to certain exchanges that have been accused of misconduct.
Bitcoin stated on its website that its services were closed “as of the upload of this notice”. Dates were promulgated throughout December for suspending trades, deposits, and other services, while withdrawals would be able to be made until March 31st when these should have been completed.
Cryptocurrency exchanges in disarray
The news about the closure of Bitfront comes just a day after BlockFi announced that it would be filing for bankruptcy. The crypto lender had run into difficulties following a $400 million loan received from FTX, which has also entered Chapter 11 bankruptcy.
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