LINE’s crypto exchange BITFRONT announces closure, to suspend trading by 2023

LINE’s cryptocurrency exchange based in the U.S., BITFRONT, has announced closure on Monday to shift its focus to developing LINE’s blockchain ecosystem.

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Fast facts

• BITFRONT claimed its decision to shut down the platform wasn’t related to “certain exchanges that have been accused of misconduct.”
• The crypto exchange originally launched as BITBOX in 2018 in Singapore, before rebranding to BITFRONT in its move to the U.S. in 2020.
• BITFRONT is operated by Tokyo-based internet company LINE Corporation and its blockchain subsidiary, LVC Corporation.
• LINE is a subsidiary of Z Holdings, which is owned by Japanese conglomerate SoftBank and South Korean internet firm Naver.
• BITFRONT suspended new signups and credit card payments on Monday and trading will be halted on December 30.
• Customers can make withdrawals until Mar. 31, 2023.

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