US-based crypto exchange Bitfront has said it has suspended new sign-ups and credit card payments and will shut down services.
"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," it said in a statement on its website on Monday.
The statement added this decision was arrived at for the best interest and is unrelated to recent issues related to certain exchanges that have been accused of "misconduct".
"We wish to express our gratitude and apologies to all those who used our BITFRONT services and shared their voice in the development of BITFRONT," the statement added.
Bitfront said it suspended new sign-ups and credit card payments on Monday and will suspend withdrawals on March 31, 2023.
This development comes amid a few crypto firms have filed for bankruptcy. FTX, which was among the world's largest cryptocurrency exchanges, filed for bankruptcy earlier this month.
( With inputs from ANI )
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