After the collapse of FTX, another bitcoin exchange will close its doors

Bitcoin (BTC) and cryptocurrency exchange Bitfront has announced that it will shut down operations permanently in March 2023 after being hit by the cryptocurrency bear market.

Backed by Japanese social media giant Line, the company explained that they tried to “overcome challenges in this fast-moving industry” to survive, but it seems reality caught up with them and they decided to take a different path. according to Reuters.

The exchange Based in the United States, it will continue to “grow the LINE blockchain ecosystem and token link (LN) economy,” he noted.

Once the decision is made, the cryptocurrency platform new registrations and credit card payments are suspended on November 28, and withdrawals will stop in 2023. March 31 It also notes that interest on deposits made between December 5 and 11 will be paid in 2022. December 13

With this announcement, the exchange joins the recent list of companies in the cryptocurrency sector fallen down, a product of the domino effect caused by the collapse of FTXas reported by CryptoNoticias.

However, Bitfront pointed it out its termination has nothing to do with FTX. “This is unrelated to recent issues with certain exchanges that have been accused of misconduct,” the company said.

While Bitfront maintains that its shutdown is not directly related to FTX, the current bear market is related to the exchange, which is declared bankruptcy a few weeks ago for embezzling and misusing its users’ funds.

In fact, the price bitcoins I survive under the sign broke above $16,000 for the first time in two years earlier this month, and it was precisely because of the collapse of FTX. The last time BTC was at this level was in 2020.

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