LINE-owned exchange BITFRONT announces closure, citing no connection to FTX incident and continued development of LINK token.
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BITFRONT announced that despite efforts to overcome challenges in the crypto space, for the overall benefit of the LINE blockchain ecosystem, they have decided to shut down the exchange and will continue to develop the LINE blockchain and the platform token LINK (LN) token economy.
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Changes to services will occur at the following times in Taiwan time:
- 2022/11/28 13:00: Registration and credit card payments will be temporarily suspended
- 2022/12/12 08:10: LN yield products will be temporarily suspended
- 2022/12/13: Payment of LN token interest for 12/5 – 12/11
- 2022/12/30 13:00: Cryptocurrency and fiat deposits will be temporarily suspended, trading and API will be halted, existing trading orders will be closed
- 2023/3/31 13:00: Withdrawals will be temporarily suspended
In March 2020, LINE closed its exchange BITBOX, previously located in Singapore, rebranded and launched a global trading platform named BITFRONT. However, it has not been able to gain a significant market share in the crypto market and may focus on continued development in the Japanese market in the future.