Crypto Exchanges Bitfront, AAX Suspend Services Amid FTX Contagion
Crypto exchange Bitfront founded by social media giant LINE on Monday announced shutting down the crypto exchange due to facing challenges in the crypto industry. Users can withdraw their crypto assets until March 31, 2023, with new signups and credit card payments suspended immediately. Several crypto companies are facing challenges amid the FTX contagion.
Crypto Exchange Bitfront Announces Closure
In an official notice on November 28, crypto exchange Bitfront announced the need to shut down to grow the LINE blockchain ecosystem and LINK token economy.
Bitfront team claims the decision is unrelated to recent accusations of misconduct against several crypto exchanges following the collapse of FTX. It believes closing operations is in the best interest of the LINE blockchain ecosystem. However, the crypto exchange also agreed it failed to overcome challenges despite making efforts in this rapidly-evolving industry.
“BITFRONT was established to enable users to safely store and freely trade their digital assets. And, from the beginning, we have done our best to be a leader in the blockchain industry.”
Several services including new signups and credit card payments are immediately suspended. Moreover, additional deposits and interest payments of LN/LN interest products will be suspended by December 12. However, interest for deposits between December 5-11, 2022 and forced withdrawals of all deposits and interest of LN/LN interest products are applicable till December 13.
Bitfront will suspend crypto and USD deposits, trading, Open API Service, and open orders by December 30. Users are requested to withdraw all assets by March 31, 2023.
AAX Faces Liquidity Issues Amid FTX Contagion
Meanwhile, another crypto exchange AAX is also facing liquidity issues with withdrawals suspended for 15 days. In fact, the crypto exchange has reportedly deleted its official YouTube channel and Facebook account.
AAX vice-president Ben Caselin in a series of tweets on November 28 confirmed his resignation. He claims the challenges have damaged the crypto exchange and the company’s brand no longer exists. He hopes the founders and board will come up with a solution.
- Binance-based Meme Coin GIGGLE Fund Shoots 145% on Exchange Listing News
- ASTER Gets Major Boost as Project Launches Token Buyback Program, Expert Predicts $10 Spike
- Trump Picks SEC Crypto Counsel Michael Selig to Lead CFTC Amid Crypto Oversight Push
- First Spot XRP ETF Hits Milestone as CME Flags Institutional Interest
- Can Hype Price Hit $50 After Robinhood Listing?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
- PUMP Price Prediction as Whales Accumulate 4.2B Tokens- Is 135% Rally Next?
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
