<p>US-based crypto trading platform <a href="https://www.bitfront.me/" rel="noopener noreferrer nofollow">Bitfront</a>, owned by the famous messaging app LINE, announced its closure of services and operations across the <a href="https://blockchainreporter.net/tag/crypto/" rel="noopener noreferrer nofollow">crypto space</a>.</p><p>The current market turmoil has created a challenging situation for several crypto firms to continue their existence and dominance in the <a href="https://blockchainreporter.net/market/" rel="noopener noreferrer nofollow">market</a> as investors’ interest has been heavily impacted due to the FUD situation on their crypto investments borne by FTX’s impact. Moreover, the crypto business has been severely affected as the global crypto market cap falls below $1 trillion, making it tough to meet their expected yearly revenue. Recently, a prominent US-based crypto trading platform has decided to permanently shut down its services and operations due to a lack of user interest in the platform.</p><h2 id="header-0">LINE’s Bitfront Exchange Decides To Close The Platform</h2><p>As tighter regulations and closer inspection after <a href="https://blockchainreporter.net/the-ftx-collapse-what-no-one-is-telling-you/" rel="noopener noreferrer nofollow">FTX’s demise</a> are on the verge, several firms have come up to be manipulating users’ data. Due to this, <a href="https://blockchainreporter.net/glossary/centralized-exchange-cex/" rel="noopener noreferrer nofollow">centralized crypto exchanges (CEX)</a> have lost their legacy in securing the first place of storing funds. A well-known US-based crypto trading platform Bitfront, which was established by the Japanese messaging app company Line, has <a href="https://www.bitfront.me/notice/20208406" rel="noopener noreferrer nofollow">announced plans</a> to shut down the platform and its services starting today.</p><p>The notice states, “However, 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 <a href="https://blockchainreporter.net/blockchain/" rel="noopener noreferrer nofollow">blockchain</a> <a href="https://blockchainreporter.net/glossary/digital-asset-ecosystem/" rel="noopener noreferrer nofollow">ecosystem</a> and LINK token economy.”</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/debad47421814d4e8d5ade5cd436621a.png" /></p><p>Bitfront highlighted that the platform will stop assigning new sign-ups from today, and it will suspend credit card payments. However, users of Bitfront will be able to continue withdrawals until 31 March 2023. Bitfront further clarified that users’ data stored on the network will be deleted in an irreversible way within 40 days of 31 March 2023, when the withdrawal function will be disabled.</p><h2 id="header-1">A Downfall Of Foreign Crypto Exchanges</h2><p>The FTX Group’s bankruptcy filing has sent shockwaves of fear, uncertainty and ambiguity across the global crypto market. The issue reminds us of the previous incident of <a href="https://blockchainreporter.net/the-rise-fall-and-resurrection-of-terra-luna/" rel="noopener noreferrer nofollow">Terra’s LUNA collapse</a> that wiped out billions of dollars in wealth, forcing crypto investors and firms to quit their field. Moreover, the crash has also delivered a domino effect, causing severe repercussions for firms exposed to the beleaguered exchange.</p><p>But despite this, the main sufferers of this market were investors and <a href="https://blockchainreporter.net/glossary/trading/" rel="noopener noreferrer nofollow">crypto trading</a> firms, not traders. A Crypto market crash always brings huge volatility to the market, which provides traders with the opportunity to make significant profits with small capital. Bitfront had served 186 million active users, and the closure of the platform has worried the crypto space of the US with a blurred future vision.</p>

US-Based Crypto Trading Platform Bitfront Announced the Closure of Their Services

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