Despite efforts to address issues in the quickly developing business, Bitfront, a U.S. cryptocurrency exchange funded by the Japanese social media company Line Corp, announced it has halted new sign-ups and credit card payments and will close in a few months.
“However, despite our efforts … we have regretfully determined that we need to shut down BITFRONT in order to continue growing the LINE blockchain ecosystem and LINK token economy,” on Sunday, the California-based business posted a message to its website.
Bitfront claimed the action had nothing to do with current disputes involving certain cryptocurrency exchanges that have been accused of “misconduct.”
Authorities are currently looking into FTX, one of the biggest bitcoin exchanges in the world, for “criminal misbehavior.”
The company had declared bankruptcy earlier this month, and on Monday, cryptocurrency lender BlockFi, which had been adversely affected by exposure to FTX’s demise, filed for Chapter 11 bankruptcy protection.
According to Bitfront, withdrawals will stop on March 31, 2023, after new sign-ups and credit card payments were stopped as of November 28. The business made it clear that interest payments for deposits made between December 5 and December 11 will be made on December 13, 2022.
