LINE’s cryptocurrency exchange based in the U.S., BITFRONT, has announced closure on Monday to shift its focus to developing LINE’s blockchain ecosystem.
See related article: Changpeng Zhao says Binance has ‘no negative balances involved’ in proof of reserves
Fast facts
- BITFRONT claimed its decision to shut down the platform wasn’t related to “certain exchanges that have been accused of misconduct.”
- The crypto exchange originally launched as BITBOX in 2018 in Singapore, before rebranding to BITFRONT in its move to the U.S. in 2020.
- BITFRONT is operated by Tokyo-based internet company LINE Corporation and its blockchain subsidiary, LVC Corporation.
- LINE is a subsidiary of Z Holdings, which is owned by Japanese conglomerate SoftBank and South Korean internet firm Naver.
- BITFRONT suspended new signups and credit card payments on Monday and trading will be halted on December 30.
- Customers can make withdrawals until Mar. 31, 2023.
See related article: Japan’s messenger app LINE launches NFT marketplace
