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Social-Media Giant LINE Closes Its Crypto Exchange Bitfront

The firm will focus on its native blockchain and token, LINK.

By Oliver Knight
AccessTimeIconNov 28, 2022 at 12:38 p.m. UTC
Updated May 9, 2023 at 4:03 a.m. UTC
Tokyo-based LINE is closing its crypto exchange. (Ryo Yoshitake/Unsplash)
Tokyo-based LINE is closing its crypto exchange. (Ryo Yoshitake/Unsplash)
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Japanese social-media company LINE will shut down Bitfront, a crypto exchange that it launched in 2020, according to an announcement on Monday.

LINE will now shift its focus from the exchange to its native blockchain and token.

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    • "Despite our efforts to overcome the challenges in this rapidly evolving industry, 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 announcement read.

    New sign-ups and credit card deposits will be halted immediately, while customers will have until March 31 to withdraw funds.

    Bitfront is one of several crypto companies that have been forced to cease operations during the yearlong cryptocurrency bear market. FTX filed for bankruptcy earlier this month following a liquidity squeeze. Bitcoin (BTC) was recently trading at $16,400, down from almost $69,000 last November.

    In 2021, Bitfront stopped activity in South Korea because of regulatory concerns.

    Disclosure

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight
    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

    Follow @OKnightCrypto on Twitter

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