Bitfront is the latest cryptocurrency exchange to close its doors in the midst of the crypto crisis.

 BITFRONT, a cryptocurrency exchange founded by LINE, Asia's largest social media platform, has announced its closure.

Withdrawals of cryptocurrencies held on the platform will be halted on March 31, 2023, and all personal user information collected by the firm will be deleted within 40 days.

The BITFRONT team announced on November 28 that, despite efforts to "overcome the challenges in this rapidly evolving industry," the company has decided to close BITFRONT.

The decision was made in the "best interests of the LINE blockchain ecosystem," according to the company. It was unrelated to recent issues involving "certain exchanges that have been accused of misconduct."

BITFRONT has suspended all new signups and credit card transactions since November 28 at 05:00 UTC.

In the interest of the LINE blockchain ecosystem, the parent company of BITFRONT is Japan-based Line Corporation, which is also the company behind the LINE blockchain ecosystem. BITFRONT confirmed in a statement that the suspension was made to promote the growth of this blockchain and the LINK token economy.

LN was trading at $26.33 at the time of publication, according to CoinMarketCap data. The token had a market capitalization of $166 million and a trading volume of $5.8 million in the previous 24 hours.