Spanish Exchange 2gether blocks operations, affecting 100,000 users – Bitcoin News

2gether, one of the oldest cryptocurrency exchanges in Spain, has suddenly blocked operations so that users do not have access to their accounts. The platform informed that it had to take this action due to the current situation in the market in an email addressed to customers. In addition, the platform deleted its presence from social media, and deleted its account on Twitter.

2gether reports 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 financing to continue operations. This time, one of the oldest cryptocurrency exchanges in Spain, 2gether, has been affected, blocking access to customers to the platform.

Oslo Børs reported this situation to its customers via an e-mail, stating that it was unable to continue to serve its customers due to current market conditions. The company explained:

After five years of service to the crypto community, we are forced to close the service for private accounts. The lack of resources and the crypto winter prevent us from providing the service with the quality and guarantees [with which] other nearby suppliers do.

2gether appears to be the first Spanish cryptocurrency exchange to be affected in such a way by the current cryptocurrency climate.

Accounts held hostage

However, 2gether has not allowed its customers to withdraw their money to other exchanges or to self-deposit wallets. Instead, the company has closed its platform and has informed customers that in order to keep their accounts active, each of them must provide the equivalent of € 20 ($ 20.35) to be collected by the exchange to continue operations.

Accounts that do not have this amount available by June 10 will be suspended, and the cryptocurrencies that are still available will also be liquidated. According to reports from Asufin, the Financial Users Association of Spain, this action affects 100,000 customers who relied on 2gether to execute transactions and protect their money. The organization is preparing to initiate legal action in the name of all customers of the exchange.

This situation can be used by regulators to push for the establishment of clearer cryptocurrency regulations regarding the actions of virtual asset service providers in the country. In May, Pablo Hernandez de Coz, Governor of the Bank of Spain, emphasized the importance of establishing such regulations quickly in order to avoid the risk of financial instability.

What do you think of 2gether’s account blocking? Tell us in the comments section below.

Sergio Goshenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game, and entered the cryptosphere when the price increase occurred during December 2017. He has a computer engineering background, lives in Venezuela and is influenced by the cryptocurrency boom on a social level, and offers a different view of crypto success and how it helps the unbanked and underprivileged.

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