U.S. crypto exchange Bitfront has decided to shut down its operation. The company has already suspended new sign-ups and credit card payments. It will cease operations in a few months.
“However, 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,” the company noted on the official website.
Bitfront has confirmed that it will clear all the interests for deposits made between Dec. 5 and Dec. 11 on Dec. 13, 2022. The company will suspend withdrawals on March 31, 2023. So, users should withdraw their assets before the deadline.
Crypto exchange Bitfront is backed by Japanese social media firm Line Corp.
Several Crypto companies are in trouble due to the long cryptocurrency bear market. FTX is now the subject of investigations for “criminal misconduct”. BlockFi has also filed for bankruptcy. Celsius Network and Voyager Digital also collapse in July. India’s crypto companies are also struggling. People are no longer interested in investing in cryptocurrencies after suffering a big loss in recent months.