When your favorite exchange hits you with the news that bank cards can no longer be accepted and new sign-ups are halted, it is a warning sign that it is better to keep your money away from it. Bitfront, a crypto exchange backed by Japanese social media firm Line Corp, announced that the company had shut down. The exchange’s management reported that trading on Bitfront would be suspended by the end of the year and withdrawals would be available on March 31, 2023. Bitfront was founded in 2020. According to CoinMarketCap, the daily trading volume on the exchange was $55 million. Last week, the company’s website user counter stood at about 11,000. In October, the centralized crypto exchange CryptoPay supported the eighth package of EU sanctions, which prohibits cryptocurrency companies from serving customers from Russia. Nevertheless, withdrawals are possible only to a personal bank account in the European Economic Area or the EU with the help of customer service.
