Spanish Exchange 2gether Blocks Operations, Affecting 100,000 Users


Spanish Exchange 2gether Blocks Operations, Affecting 100,000 Users – One of Spain’s oldest exchanges for cryptocurrencies, 2gether abruptly stopped operating, depriving its users access to their accounts. In an email sent to customers, the platform informed them that it had to take this measure owing to the market’s current circumstances. The platform also deleted its account on Twitter and completely vanished from social media.

Numerous cryptocurrency exchanges and lenders have been impacted by the current downturn in the market for cryptocurrencies, leaving them unable to refund customers’ money, having filed for bankruptcy, or needing to raise more funds to continue operating.

This time, 2gether, one of the country’s oldest exchanges for cryptocurrencies, was impacted, preventing users from accessing its platform. The exchange informed its customers of this situation through email, explaining that due to the position of the market, it was unable to continue providing for their needs.

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The company made clear:

After five years of serving the crypto community, we are compelled to close the private account service. We are unable to offer the service with the same quality and guarantees that other providers do because of a lack of resources and the crypto winter.

The Spanish cryptocurrency exchange 2gether appears to be the first to be adversely affected by the present crypto climate. However, users of 2gether are not allowed to withdraw their funds to their personal wallets or other exchanges.

Instead, the business has shut down its platform and informed consumers that in order to maintain the status of their accounts, they must contribute the equivalent of $20 (or $20.35) so that the exchange may continue to run.

Accounts that don’t have this much money in them by June 10th will be suspended, and all remaining cryptocurrencies will be liquidated. According to Asufin, the Spanish Financial Users Association, this move will have an effect on 100,000 customers who relied on 2gether to handle their transactions and safeguard their funds.

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Regulators may use this situation as leverage to push for the adoption of stricter cryptocurrency legislation addressing the conduct of virtual asset service providers in the country. The Bank of Spain’s Governor, Pablo Hernandez de Coz, emphasized the necessity of swiftly enacting such laws in May to reduce the risk of financial instability.

Originally posted 2022-07-10 19:42:30.

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