Line Plans to Close its Associated Crypto Exchange

Line, the operator of the messenger of the same name, has announced it is closing its crypto exchange Bitfront on March 31, 2023.

According to the company, it has made the decision due to crypto-winter and “other factors” in the industry.

According to the press release:

“Despite our efforts to overcome the problems, we regretfully decided that we needed to close Bitfront. This is necessary for the development of the Line blockchain ecosystem and the economy of Link utility tokens.”

Since yesterday, the platform will suspend new account registrations and credit card payments. By mid-December, it is planned to suspend additional deposits and interest payments on LN interest products.

By the end of December, Bitfront will stop all deposits in cryptocurrencies and fiat. Trading will be frozen and open orders will be cancelled.