The harsh winter conditions in the crypto market seriously affect not only cryptocurrencies, but also stock markets. 2gether, one of Spain’s oldest Bitcoin exchanges, has abruptly ceased operations. Later, it blocked access to its users’ accounts. The platform notified customers of a situation via an email. He said he had to take this action due to the current state of the market. In addition, the platform deleted his account on Twitter.
Troubles caused Bitcoin exchange 2gether to withdraw from the market
The current decline in the crypto money market has also left crypto exchanges in a very difficult situation. We hear about cryptocurrency exchanges that are unable to return funds to customers, declare bankruptcy, or are in the process of raising additional funds to continue their operations. This time, the crisis hit 2gether, one of the oldest Bitcoin exchanges in Spain. The cryptocurrency trading platform has blocked customers from accessing its platform.
The exchange notified its customers of this situation via an e-mail. He also stated that he could not continue to serve his customers due to the current market conditions. The company emphasized the following points in its statement:
After five years of serving the crypto community, we had to shut down the private account service. Lack of resources and crypto winter prevent us from offering the service with the quality and guarantees that other nearby providers do.
As you can follow from Kriptokoin.com, 2gether is not the first exchange to throw the towel in the market. However, it appears to be the first Spanish cryptocurrency exchange to be impacted in this way by the current crypto climate.
What about the accounts on the stock market?
However, 2gether did not allow its clients to withdraw their funds to other exchanges or self-escrow wallets. Instead, the company shut down its platform outright. Moreover, he informed his clients that he must provide the equivalent of 20 euros ($20.35) to be charged by the exchange to keep their accounts active and each to continue operating.
The exchange will suspend accounts that do not have this amount of funds until June 10. It will also liquidate existing cryptocurrencies. According to reports from Asufin, the Spanish Association of Financial Users, this action affects 100,000 customers who rely on 2gether to make their transactions and protect their funds. The organization is preparing to initiate legal action on behalf of all customers on the exchange.
Cryptocurrency regulations are on the rise
Meanwhile, as the victims of recent liquidations and bankruptcies increase, so do calls for tougher regulation. It is possible that this situation could be used by regulators to press for 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, stressed the importance of establishing such regulations quickly to avoid the risk of financial instability.
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