Fintech

Bitfront Becomes Latest Crypto Exchange to Cease Trading

 

Bitfront has become the latest crypto exchange to close in the wake of shockwaves rocking the sector after the stunning FTX collapse earlier in November.

A US crypto exchange backed by Japanese social media firm Line Corp, Bifront said it had sought to overcome challenges in the sector, but failed and had suspended new sign-ups and credit card payments and will cease operations in a few months.

“However, despite our efforts … we have regretfully determined that we need to shut down BITFRONT in order to continue growing the LINE blockchain ecosystem and LINK token economy,” the California-based company said in a statement on its website.

Bitfront said the move is unrelated to recent issues among certain crypto exchanges that have been accused of “misconduct”.

FTX, which was among the world’s largest cryptocurrency exchanges, is now the subject of investigations by authorities for “criminal misconduct”.

The company had filed for bankruptcy earlier this month, while cryptocurrency lender BlockFi filed for Chapter 11 bankruptcy protection on Monday, hurt by exposure to the collapse of FTX.

Bitfront said it has suspended new sign-ups and credit card payments as of November 28, and will suspend withdrawals on March 31, 2023.

The company clarified that interest for deposits made between December 5 and 11 will be paid out on December 13, 2022.

  • Reuters with additional editing by Jim Pollard

 

ALSO SEE:

 

New FTX Chief Slates ‘Complete Failure of Corporate Control’

 

Singapore’s Temasek to Write Down $275m FTX Investment

 

Bankrupt Crypto Exchange FTX Could Have 1 Million Creditors

 

$1.7 Billion of Clients’ Funds ‘Missing’ After FTX Collapse

 

Crypto Sector Shaken by FTX Collapse, Binance Takeover

 

 

Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

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