Japanese Social-Media Giant LINE to Close Its Crypto Exchange BITFRONT

Amidst worsening market conditions, popular Japanese crypto exchange

BITFRONT has resolved to shut down. The crypto exchange, owned by LINE, a social giant in Japan, made the announcement in its Monday blog post.

"Despite our efforts to overcome the challenges in this rapidly-evolving industry, we have regretfully determined that we need to shut down BITFRONT to continue growing the LINE blockchain ecosystem and LINK token economy," the exchange said.

Occasioned by this development, BITFRONT has suspended new signups and credit card payments. Meanwhile, the exchange also resolved to halt payments of all interest products by December 12th and further intends to suspend every crypto and USD deposit and trade, and will cancel open orders by December 30th. 

Notably, the exchange advised its users to withdraw their assets before 13:00 UTC on March 31st, 2023.

According to the announcement, BITFRONT intends to pay the interest enveloped in all deposits from December 5th, 2022, to December 11th, 2022, on December 13th.