Another One Bites The Dust - BitFront Is Shutting Down Operations.

Accardo

hero member

Activity: 1274

Merit: 561

Leading Crypto Sports Betting & Casino Platform

Quote

30 Dec, Suspension of withdrawals

One disadvantage of not staying updated about a crypto exchange (where you trade) or storing funds there. Many customers funds will get locked out after the deadline and the excuse for that is the quote above. That doesn't make any sense even though the users made the wrong decision I think they should always be a form of redeeming their money. So, in a sense, its a renowned exit scam, because they'll claim a deadline was given before exiting with the remnants. However, not all user are well aware of this news, at least they gave out a warning not too bad.

NotATether

legendary

Activity: 1568

Merit: 6660

bitcoincleanup.com / bitmixlist.org

That's it, I need Queen and Freddy Mercury to make a eulogy of all these exchanges who bite the dust. Tongue

Quote from: malcovi2 on November 29, 2022, 06:56:38 PM

Quote from: BitMaxz on November 29, 2022, 06:26:48 PM

I don't know why exchanges end up bankrupt since their business only takes trading fees.

Probably the fees can't cover the costs of running the service.

Or maybe they also experienced a bank run and their fractional-reserve system that has kept so many exchanges inflated for so long couldn't keep up with it.

Guys, it's well known that all banks are fractionally reserved just like these fallen exchanges. Imagine what would happen if they fell like dominoes (not that any government would allow that to happen, anyway).

The Sceptical Chymist

legendary

Activity: 3528

Merit: 7005

Top Crypto Casino

Quote from: malcovi2 on November 29, 2022, 06:56:38 PM

Quote from: BitMaxz on November 29, 2022, 06:26:48 PM

I don't know why exchanges end up bankrupt since their business only takes trading fees.

Probably the fees can't cover the costs of running the service.

Presumably that would be true for an exchange with a ton of overhead, but like Rikafip and dkbit98 I'd never heard of BitFront before, and they're based in the US where I live. They couldn't be that big, right? **edit: I just read dkbit's whole post, including their pathetic trading pairs** And it's either that or their trading volume was absurdly low, kind of like that small exchange that used to list Curecoin. I think it was shorelinecrypto or something similar, and they also went out of business a while back.

This has nothing to do with the other bankruptcies in the news, however. And I'd point out that there have been a lot of fly-by-night exchanges that have come and gone over the years, because of not being profitable or through exit scams. Unless the crypto exchange space consolidates and we're left with a handful of big players, I have no doubt we'll be seeing a lot more come and go.

And how the hell is it that shitty exchanges like Yobit are still in business?

dkbit98

legendary

Activity: 2212

Merit: 7064

Quote from: Fivestar4everMVP on November 29, 2022, 08:55:48 AM

Bitfront, a U.S. cryptocurrency exchange sponsored by the Japanese social media company Line Corp, announced it had ceased new sign-ups and credit card payments. The firm also said it would stop operating within the next few months. This development followed their attempts at addressing difficulties in the rapidly changing sector.

It's not surprising they had their own ''revolutionary''shit token and centralized blockchain...
I never heard about BitFront exchange, but I am checking it out on CoinGecko website and they only had six coins listed and trading pairs for them.
CoinGecko listed around 550 exchanges, CoinMarketCap probably has the similar number, and most of the are worthless crap used only for washing money.
I would say that 80% to 90% of all exchanges should stop existing and this will probably happen in near future.

malcovi2

member

Activity: 1103

Merit: 76

Quote from: BitMaxz on November 29, 2022, 06:26:48 PM

I don't know why exchanges end up bankrupt since their business only takes trading fees.

Probably the fees can't cover the costs of running the service.

BitMaxz

legendary

Activity: 3374

Merit: 3095

Playbet.io - Crypto Casino and Sportsbook

I don't know why exchanges end up bankrupt since their business only takes trading fees.
Unless some or most of the coins they listed are their own money and coins?

This is pretty normal news for Bitcoin history every bear market there is some exchanges shutting down and only well-known exchange that stay alive like Binance.

Rikafip

legendary

Activity: 1722

Merit: 5937

Can't say that I ever heard about this Bitfront exchange before, but not surprised that many of this small to medium exchanges are/will shutting doors in the upcoming months. Well, I guess better to shut it up down like this and allow people getting there money our instead dragging on for months and ending up declaring bankruptcy like we've been seeing lately.

Fivestar4everMVP

legendary

Activity: 2422

Merit: 1083

Leading Crypto Sports Betting & Casino Platform

Bitfront, a U.S. cryptocurrency exchange sponsored by the Japanese social media company Line Corp, announced it had ceased new sign-ups and credit card payments. The firm also said it would stop operating within the next few months. This development followed their attempts at addressing difficulties in the rapidly changing sector.

The California-based firm stated in a post on its website on Sunday that, despite its best efforts, it's sadly decided that it must close down BitFront to carry on the expansion of the LINE blockchain ecosystem and LINK token economy.

If you are user of this exchange, you are advice to take note and get your money out before the deadline.

Source: Remitano

Full Announcement: https://www.bitfront.me/notice/20208406

Topic: Another One Bites The Dust - BitFront Is Shutting Down Operations. (Read 106 times)