BITFRONT, a cryptocurrency exchange launched by LINE, Asia's largest social media platform, has announced its closure.
Withdrawals of cryptocurrencies held on the platform will be terminated on March 31, 2023, and all personal user information gathered by the firm will be erased within 40 days.
The BITFRONT team announced on November 28 that, despite efforts to “overcome the hurdles in this quickly expanding business,” the company has decided to close BITFRONT.
“Unfortunately, we have realized that we must close BITFRONT in order to continue building the LINE blockchain environment and LINK token economy.”
The move was made in the “best interests of the LINE blockchain ecosystem,” according to the company, and was unrelated to recent difficulties with “particular exchanges that have been accused of misbehavior.”
BITFRONT has suspended all new signups and credit card payments as of November 28 at 05:00 UTC.
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