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Japanese social media giant LINE will close its cryptocurrency exchange Bitfront to focus more on blockchain and LINK token economy.
The exchange announced on Monday in a blog post that it has decided to shut down operations due to the challenges in "this rapidly-evolving industry."
Bitfront pointed out that this decision "was made for the best interest of the LINE blockchain ecosystem and is unrelated to recent issues related to certain exchanges that have been accused of misconduct."
Bitfront will first suspend new signups and credit card payments. Crypto and USD deposits are scheduled to be closed on December 30, 2022. Withdrawals can continue to be made until March 31, 2023. The exchange will also delete all personal information within 40 days of March 31, 2023.
LINE launched Bitfront in 2020. The exchange offered up to 8.3% on deposits and supported bitcoin (EXANTE: Bitcoin), ether (ETH), tether (USDT), litecoin (LTC) and other altcoins.
