, lists the challenges facing the industry. A US trading platform backed by Japanese social media giant Line indicated that the decision had nothing to do with his FTX demise.
Line-enabled digital asset exchange Bitfront suspends new registrations
US-operated cryptocurrency exchange Bitfront is planning to suspend new registrations and credit card Suspended payments Closed for a few months. The move comes despite efforts to overcome current challenges in the “rapidly evolving” cryptocurrency industry, the company said in a statement, cited by Reuters and Bloomberg.
In a statement posted on’s website by , the exchange “unfortunately determined that it was necessary to close down Bitfront in order to continue to grow the Line blockchain ecosystem and the Link token economy.” explains. Launched in 2020, the US-based platform is backed by Japanese social media company Line Corp.
Bitfront also noted that the decision to close was “unrelated to the issue of specific exchanges having specific exchanges.” This is an indirect reference to FTX, which used to be one of the biggest global players in the market, before collapsing amid liquidity problems and filing for bankruptcy protection on November 11th.
Other companies in this space, such as Blockfi, have been hit by the FTX exposure. The cryptocurrency lender announced Monday that it has filed for Chapter 11 protection along with eight of its affiliates. When Blockfi suspended withdrawals earlier this month, he specifically cited a “lack of clarity” regarding the state of his FTX at the time.
According to Coingecko, with a 24-hour trading volume of less than his $94 million, and only 12 trading pairs and 6 coins, Bitfront occupies a small share of the market, with a total trading volume of Almost $57 billion. During the same period, a Bloomberg report pointed out.
The exchange has notified users that new registrations and card payments will be suspended on November 28th, and that cryptocurrency and US dollar deposits will be suspended on December 30th. On March 31, 2023, all withdrawals will also be suspended.
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