LINE, a blockchain service development platform has said it will no longer be running its exchange platform known as Bitfront, citing the ongoing crypto bear market situation as the reason for shutting down the exchange arm.
The Bitfront team wrote an address to its users stating the schedule as related to the closing of Bitfront services. The team apologized to customers for shutting down Bitfront services but reiterated their commitment to continue to serve customers using the LINE blockchain and LINK token.
Bitfront team also added that the decision to close down Bitfront is in the best interest of the LINE blockchain ecosystem and has nothing to do with recent concerns involving some exchanges accused of wrongdoing.
As per the schedule of Bitfront closure, addition of deposits and new sign-ups will be suspended from December 12 while withdrawals will still continue and end on March 31st 2023.
All personal information gathered from Bitfront clients will be destroyed within 40 days of the end of withdrawals on March 31, 2023. However, information required for legal compliance, reporting duties, and dispute resolution may be preserved even after service termination.
The Ongoing Crypto Bear Market
The current crypto bear market has forced a lot of exchanges to shut down operations, but there is hope that the market will continue to rise again in the near future.
Google stated in a report that the firm was experiencing a decline in ad-related revenue as a result of the current bear market. While Google’s ad revenue climbed from $53.1 billion to $54.4 billion, YouTube’s ad revenue declined from $7.20 billion to $7.07 billion, according to third-quarter financial results revealed on October 25, 2022.
Despite the fact that Google is experiencing a decline in the advertising business, the company has continued to improve its cloud services by partnering with renowned cryptocurrency exchange Coinbase to accept cryptocurrency payments.
Charles Hoskinson, CEO of Cardano blockchain said he believes the collapse of FTX exchange will be the last disaster that will be experienced in the current bear market.