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Sunday, January 29, 2023

Naver Line ‘Bitfront’ coin exchange closed in less than 3 years

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Bitfront Subscription/Payment Suspension
“This has nothing to do with the FTX crisis”

Bitfront shutdown notification.

Bitfront, a cryptocurrency (virtual asset) exchange created by Line, the Japanese subsidiary of Naver, voluntarily shut down three years after starting business.

On the 28th (local time), Bitfront announced the suspension of activities via a notice on its website, according to CNN on the 29th.

Bitfront said: “We have been working hard to overcome the challenges in the booming (cryptocurrency) industry, but unfortunately we have decided to close.” Then, they cited the protection of the LINE blockchain ecosystem and the economy of LINK tokens (Line’s own blockchain cryptocurrency) as the reason for the closure.

Bitfront is headquartered in California, USA and opened at the end of February 2020. Since starting business in the US, it closed after about 2 years and 9 months. In addition, new subscriptions and credit card payments have been suspended as of the 28th along with the closure notice. Clients are requested to withdraw all assets by March 31 of the following year.

However, Bitfront drew a line by stating, “This shutdown has nothing to do with FTX, the global cryptocurrency exchange, filing for bankruptcy protection.” The exchange emphasized, “This decision is the best action taken for the benefit of the LINE blockchain ecosystem.”

The US Attorney’s Office is currently investigating possible financial crimes involving FTX. FTX filed for bankruptcy protection on the 11th.

CNN described the closure of Bitfront as the latest casualty of the “Crypto Winter”. “The announcement of the closure of Bitfront came at a time when the digital asset market was struggling with the financial (crisis) spread caused by the dramatic collapse of FTX,” he said. The back door was closed.”

Reuters, citing CoinGecko, a cryptocurrency market information site, reported that Bitfront processed transactions with 6 types of coins and 13 types of trading pairs (arbitrage using two coins with high correlation), and a daily trading volume of 94 million. It was said that it was in dollars (approximately 125 billion won).

Reporter Hyunjun Yoon [email protected]

Source: Economist

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