Despite efforts to overcome challenges in the rapidly evolving industry, Bitfront, a U.S. Crypto exchange backed by Japanese social media firm Line Corp, said it has suspended new sign-ups and credit card payments and will cease operations in a few months.
Bitfront stated that the move has nothing to do with recent issues involving certain cryptocurrency exchanges that have been accused of “misconduct.”
The company declared bankruptcy earlier this month, while cryptocurrency lender BlockFi declared bankruptcy, citing exposure to FTX’s demise.
As of November 28, bitfront said it had suspended new sign-ups and credit card payments and will suspend withdrawals on March 31, 2023.