2gether, one of the oldest cryptocurrency exchanges in Spain, has suddenly blocked its operation, leaving its users without access to their accounts. The platform informs in an email directed to its customers had to take this action due to the current situation in the market. In addition, the platform deleted its Twitter account and erased its presence from social media.
2gether reports on the bear market woes
The current downturn in the cryptocurrency market has affected several cryptocurrency exchanges and lenders who are unable to return funds to customers, have declared bankruptcy, or are in the process of finding additional funds to stay open. This time, 2gether, one of the oldest cryptocurrency exchanges in Spain, has been affected, blocking customer access to its platform.
The exchangereportedthis situation to its customers via email, where it stated that due to current market conditions, it is unable to continue serving its customers. It is explained that.
After five years of serving the crypto community, we are forced to close our private account service. Lack of resources and the crypto winter prevent us from providing services with the quality and assurance that other nearby providers do.
2gether appears to be the first Spanish cryptocurrency exchange to be affected in this way from the current crypto climate.
Accounts taken hostage
However, 2gether does not allow customers to withdraw funds to other exchanges or self-custody wallets. Instead, the company closed its platform and informed customers that they could not continue to operate unless they each provided the equivalent of €20 ($20.35) that the exchange charges to keep their accounts active.
Accounts that cannot provide this amount of funds by June 10 will be suspended and any cryptocurrency still available will be liquidated. According to a report from Asufin, a Spanish financial user association, the action affects 100,000 customers who had trusted 2gether to conduct transactions and protect their funds. The association is preparing to initiate legal action in the name of all customers of the exchange.
This situation may be used by regulators to press for the establishment of clear cryptocurrency regulations on the behavior of domestic virtual asset service providers; in May, Bank of Spain Governor Pablo Hernandez de Coz said that to avoid the risk of financial instability, the stressed the importance of establishing regulations quickly.
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