Crypto exchange Bitfront Cease New Sign ups

in LeoFinancelast year

It's not the first time that exchanges go through a tough time during crypto winter and many exchanges also shut down their operation. As we are expecting the cryptocurrency winter to last long this time so we are going to face these types of situations and come across many news in the coming months. This is a tough time for all the companies operating in crypto because the market is down and the value of the coin has dropped. Bitcoin price has gone down and currently trading in the range of 17000 US dollars approximately.

I still remember that in 2019 when the bear market was going on that time a few exchanges in India stopped their operations. Crypto winter was not the only reason some other factors also affected the business which result in the exchange ramping down the business.

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Exchange Notice

I was reading an article today in which I got to know that one of the crypto exchanges based in the US has decided to shut down its operations. The exchange name is Bitfront and this is one of the exchanges backed by a Japanese social media form line corporation. This is sad news for users who have been using this platform and right now the voice decision is to move out all the funds. The crypto ecosystem is growing so we need more exchanges to accommodate the increase in demand and this time when we see this type of news then somewhere it is disappointing.

The exchange has announced that they are going to close the operation but it also mentioned that this is not because of the recent ftx issue instead they are going through a tough time because of the bear market. People trade less when the prices are down because of this exchanges do not get enough volume and that is why it becomes difficult for them to manage their operations. They will continue to provide the withdrawal by March 31, 2023.

Exchanges are an important part of the ecosystem so the more we have is good to bring more people so that they can accommodate the increase and growth of the crypto market. Certainly, they will be money new exchanges coming in and things will be manageable but shutting down an exchange that has been running for the last couple of years is not good for the overall crypto community.

I just hope that this train does not start because it's not going to add any value to the crypto market instead it makes creates a situation where people might get scared and that is again not good for the cryptocurrency market.

Many exchanges in India are operating even now when the trading volume has dropped drastically after the tax liabilities. Now with the bear market, it might be difficult for many exchanges to keep the operations running smoothly but I hope they can manage and do not give a because once the market is a then they will be able to manage things better. We get better services with the exchange as compared to what we get with decentralized wallets and their certain things that can only be done with it on exchanges.

Thank you so much
Stay Safe

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Terrible time for all crypto exchanges and employees. I wish the winter will not be any longer. Just hoping that those affected would somehow find a way to pick up from somewhere.

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Time is tough but we need to hold and wait for the right time. I am hopeful that market will recover and then things will be better.