Line closes crypto exchange to focus on blockchain and LN token

The Japanese messaging giant will continue to support its Line blockchain ecosystem and the Link token despite current industry challenges.

Japanese messaging giant Line has decided to shut down its cryptocurrency exchange business amid the ongoing crypto winter.

The Bitfront-owned crypto exchange officially announced on November 27 a plan to shut down the platform completely by March 2023.

According to the release, the shutdown was prompted by the continued cryptocurrency bear market and other issues in the crypto industry.

Despite the closure of the exchange, Line will continue to manage its other blockchain businesses, including the Line blockchain ecosystem and the Link (LN) token, the announcement notes, stating:

"Despite our best efforts to overcome the challenges of this rapidly changing industry, we have unfortunately determined that we must shut down Bitfront in order to continue to grow the Line blockchain ecosystem and the Link token economy."

Bitfront also stressed that the decision to shut down the exchange was made in the "best interests" of the Line ecosystem and is unrelated to the current industry scandal involving the FTX exchange.

According to the announcement, Bitfront will take a phased approach to suspending its services, stopping registrations and credit card payments on November 28. The platform then plans to suspend additional deposits and interest payments...