Amid the ongoing crypto winter, Japanese messaging giant Line has decided to close its cryptocurrency exchange. Big front, the cryptocurrency exchange owned by Line, officially announced on November 27 a plan to completely shut down the platform by March 2023. The announcement notes state:
Unfortunately, we have decided that we must close Bitfront to continue to grow the line blockchain ecosystem and link token economy, despite our efforts to overcome the challenges in this rapidly evolving industry. The big front also stressed that the decision to Close the Exchange was made in the “best interests” of the Line ecosystem and is unrelated to the ongoing industry scandal surrounding the FTX exchange. As per the announcement, Bitfront will take phased action to suspend its services, registrations, and loans to stop card payments on November 28. The platform then plans to suspend further deposits and interest payments of LN interest products and resume corresponding LN withdrawals in mid-December.
Although Bitfront is a smaller cryptocurrency exchange, it has a significant trading volume at the time of writing. According to CoinGecko data, Bitfront’s daily transaction volume is $55 million, and the exchange trades a total of five cryptocurrencies, including bitcoins.