Cryptocurrency Exchange Bitfront Decision to Close
Crypto currency exchange Bitfront decision to close. Bitfront will close its operations completely by the end of March 2023. The crypto exchange says that it has failed in its efforts to meet the market challenges. Crypto Exchange Bitfront will close its operations in a dramatic way until the end of March 2023.
Bitfront’s closing process begins on November 1. 28, and the suspension of new account registration, the platform said in a statement. Credit card deposits have already been discontinued for existing users. The next step in the process will take place in December when the platform suspends all crypto currencies in US dollars. At that time, Bitfront will cancel all open trading orders. The final closing of the poll will take place on March 31, 2023 at 05:00 UTC.
Crypto exchange Bitfront advises customers to ensure that they withdraw all their funds from the platform by this date. Bitfront cited challenges in the “rapidly changing” crypto market as one of the reasons for shutting down the platform.
The crypto exchange said it has tried to overcome these challenges in vain. For crypto exchane Bitfront, closing the platform is an important step to protect Line’s blockchain ecosystem. The Japanese social media giant launched Bitfront in February 2020 as a US-based exchange. At the time, the company shut down Singapore-based crypto exchange Bitbox.
Bitfront is the latest crypto exchange to affect the current crypto market downturn. The year-long bear market has been exacerbated by the recent collapse of FTX, one of the largest crypto exchanges. The failure of FTX would have triggered a wave of volatility. This caused some smaller platforms like AAX to run into problems.