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"However, despite our efforts ... we have regretfully determined
that we need to shut down BITFRONT in order to continue 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".
FTX, which was among the world's largest cryptocurrency
exchanges, is now the subject of investigations by authorities
for "criminal misconduct".
The company had filed for bankruptcy earlier this month, while
cryptocurrency lender BlockFi filed for Chapter 11 bankruptcy
protection on Monday, hurt by exposure to the collapse of FTX.
Bitfront said it has suspended new sign-ups and credit card
payments as of Nov. 28, and will suspend withdrawals on March
31, 2023. The company clarified that interest for deposits made
between Dec. 5 and Dec. 11 will be paid out on Dec. 13, 2022.
(Reporting by Rahat Sandhu and Maria Ponnezhath in Bengaluru;
Editing by Sherry Jacob-Phillips)
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