US-based crypto trading platform Bitfront, owned by the famous messaging app LINE, announced its closure of services and operations across the crypto space.
The current market turmoil has created a challenging situation for several crypto firms to continue their existence and dominance in the market 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.
How to become an Ethereum trader?
As a successful Ethereum trader, it’s essential to understand how this type of trading works. Here are some of the main things you need to know:
- It would help if you bought Ethereum on an exchange like Coinbase or Kraken. You can transfer your digital assets (in this case, Ethereum) over to a private wallet.
- It would be best if you decided whether to trade with Bitcoin or another altcoin like Litecoin or Ripple. If you choose an altcoin like this, you must create a wallet for that coin before selling your digital assets.
- Once your virtual currencies are in place, it’s time to start trading. It involves setting up an order with the help of a trading bot or through an automated platform such as MetaTrader4 (MT4) or TradingView.
LINE’s Bitfront Exchange Decides To Close The Platform
As tighter regulations and closer inspection after FTX’s demise are on the verge, several firms have come up to be manipulating users’ data. Due to this, centralized crypto exchanges (CEX) 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 announced plans to shut down the platform and its services starting today.
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 blockchain ecosystem and LINK token economy.”
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.
A Downfall Of Foreign Crypto Exchanges
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 Terra’s LUNA collapse 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.
But despite this, the main sufferers of this market were investors and crypto trading 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.
