[Asia Economy New York=Special Correspondent Joselgina] Bitfront, a cryptocurrency exchange established in the United States by Line, Naver's Japanese affiliate, has shut down.
According to the Wall Street Journal (WSJ) on the 29th (local time), Bitfront recently confirmed the suspension of operations through a notice on its homepage. It has stopped new registrations since the day before and has requested customers to withdraw all assets by March 31 of next year.
Bitfront stated, "Despite our efforts to overcome challenges in the rapidly evolving cryptocurrency industry, we regretfully have decided to close." The reason for closure mentioned was to protect the Line blockchain ecosystem and the LINK token economy (LINK is Line blockchain's own virtual asset).
However, Bitfront emphasized that this closure decision is unrelated to the turmoil in the cryptocurrency market following FTX's bankruptcy filing. Line had previously launched Bitfront in 2020.
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