The cryptocurrency exchange Bitfront closes

Bitfront, a U.S. cryptocurrency exchange backed by the Japanese social media company Line Corp, said it has stopped accepting new sign-ups and credit card payments and will stop doing business in a few months, even though it is trying to deal with problems in an industry that is changing quickly.

"However, despite our best efforts, we've come to the sad conclusion that we need to shut down BITFRONT in order to keep growing the LINE blockchain ecosystem and LINK token economy," the California-based company said in a statement on its website on Sunday.

Bitfront said the move is unrelated to recent issues among certain crypto exchanges that have been accused of "misconduct".

Authorities are now looking into "criminal misconduct" at FTX, which was one of the biggest cryptocurrency exchanges in the world.

LINE-founded cryptocurrency exchange BITFRONT announces closure

The company had already filed for bankruptcy earlier this month. On Monday, BlockFi, a company that lends money in cryptocurrency, filed for Chapter 11 bankruptcy protection because it was hurt by FTX's failure.

Bitfront said that it has stopped taking new sign-ups and payments by credit card as of November 28 and that it will stop taking withdrawals on March 31, 2023. The company made it clear that deposits made between December 5 and December 11 will get their interest on December 13, 2022.

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