A US crypto exchange called Bitfront has recently announced that it will be shutting down within the next few months. The said crypto exchange was backed by Line Corp (a Japanese firm). When compared with other exchanges, such as FTX, it was much smaller in scale.
According to information, Bitfront has suspended credit card payments and also stopped accepting new sign-ups on the platform. In addition, the crypto firm also announced that it would stop all of its operations in the next few months.
The company stated that it tried its best to overcome the challenges in the crypto industry. But despite all of this, the company had to announce that it would be ceasing all of its operations.
However, the company announced that it would continue to work on the LINK token economy and the LINE blockchain system.
Not Similar To What's Happening With FTX
Bitfront also made it clear that the recent announcement of ceasing operations has nothing to do with what's going on in the case of FTX.
Recently, it was announced that the FTX exchange has shut down, and now we are hearing stories that the exchange is under investigation for criminal misconduct.
Just a few weeks ago, FTX filed for bankruptcy, which means that all the firms working under the umbrella of FTX would cease to exist as well.
According to Bitfront, it will stop accepting card payments from November 28 and has already stopped accepting new users. The company also announced that all withdrawals will be suspended from 31 March 2023.
So if you have an account on Bitfront, then you need to hurry and move your funds to a private wallet or another exchange. But considering how insecure these crypto exchanges can be and the numerous hacking attempts, it would be best to store your tokens in an offline wallet.
There are still around 4 months before Bitfront will stop all withdrawals, but it will be a good idea to act early and secure your funds.