Though the Japanese messaging giant faces ongoing challenges in the industry, the Link token and the Line blockchain ecosystem will continue to be supported.
Line announced today that its cryptocurrency exchange business will be shut down due to the ongoing crypto winter.
The crypto exchange Bitfront is set to close its doors by March 2023, according to an announcement by Line Entertainment on Nov. 27.
The closure of the cryptocurrency exchange was attributed to the continuing bear market in cryptocurrencies, as well as other issues in the industry, the statement said.
The Line network and token (LN) will continue to function during the closure of the exchange.
Additionally, Bitfront stressed that its decision to close the exchange is unrelated to the ongoing scandal involving the FTX exchange, but was made in the “long-term interest of the Line ecosystem”.
Bitfront will gradually suspend its services beginning Nov. 28, stopping credit card payments and signups. As of mid-December, LN withdrawals and additional deposits of LN interest products will be suspended.
All cryptocurrency and fiat deposits will be halted by Bitfront on or before the end of December, along with trading suspensions and order cancellations.
The suspension of withdrawals is scheduled to take place on March 31, 2023, while customers would be able to claim their assets in different parts of the United States.
A Singapore-based crypto exchange was launched by Line in 2018. In February 2020, Bitfront, formerly known as BitBox, moved to the U.S. In August 2021, Bitfront suspended its operations in South Korea.
At the time of writing, Bitfront had substantial trading volume despite being a small crypto exchange. Bitcoin, Ethereum, Litecoin, Tether and Link are among the five cryptocurrencies Bitfront trades on a daily basis, according to latest report data.