LINE-founded cryptocurrency exchange BITFRONT announces closure
BITFRONT grants users until March 31st 2023 to withdraw funds and set to delete all personal information within 40 days of that date.
BITFRONT, the cryptocurrency exchange founded by LINE — one of the largest social media in Asia — announced its closure.
As of March 31, 2023, the withdrawal of cryptocurrencies held on the platform will be halted, and all personal user information collected by the firm will be deleted within 40 days.
In a notice published Nov. 28, the BITFRONT team explained that despite efforts to “overcome the challenges in this rapidly-evolving industry,” the firm has decided to shutdown BITFRONT.
“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 firm noted that the decision was “made for the best interest of the LINE blockchain ecosystem” and was not related to recent issues regarding “certain exchanges that have been accused of misconduct.”
As of Nov. 28 at 05:00 UTC, BITFRONT suspended all new signups and credit card payments.