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Singaporean Crypto Exchange Next to Close Doors After FTX Collapse

Mon, 11/28/2022 - 09:21
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Tomiwabold Olajide
Singapore-based crypto exchange notified users via website
Singaporean Crypto Exchange Next to Close Doors After FTX Collapse
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BITFRONT, a cryptocurrency exchange, announced its closure on Monday. The Singapore-based crypto exchange notified users via a website notice, highlighting challenges in the nascent crypto industry.

The trading platform cited reasons for its decision: it had to continue growing the LINE blockchain ecosystem and LINK token economy.

The BITFRONT team emphasized that the decision was made in the best interest of the LINE blockchain ecosystem and was not related to recent issues related to certain exchanges that have been accused of misconduct.

Major crypto exchange FTX collapsed in November, leading to Bahamian authorities commencing an investigation of potential criminal misconduct surrounding the stunning implosion.

Another Crypto Exchange Halts Withdrawals on Heels of FTX Collapse: Details

Launched in February 2020, BITFRONT is LINE's global cryptocurrency exchange that trades major cryptocurrencies Bitcoin and Ethereum as well as LINE's blockchain mainnet token, LINK, in USD fiat markets. BITFRONT was formerly known as BITBOX.

Until the announcement, BITFRONT was operated by LVC USA Inc., a subsidiary of LINE Corporation, one of the largest social media platform in East Asia.

In the website notice, BITFRONT highlights the sequence of events before its permanent closure. It states that withdrawals will be enabled until March 31, 2023, at 5:00 a.m.(UTC). It urges users to withdraw all assets by this deadline.

Ahead of this date, the suspension and cancelation of new sign-ups, credit card payments, crypto and USD deposits, trade, Open API Service and open orders will be done sequentially from the time of the notice until Dec. 30, 2022.

After March 31, 2023, the deadline will elapse for withdrawal of assets, and U.S. customers will be able to claim their assets in each of their states, while global customers could do so in the state of Delaware.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.