Fun

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

News Feed - 2022-07-08 10:07:45

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


2gether, one of the oldest cryptocurrency exchanges in Spain, has suddenly blocked its operations, leaving its users without access to their accounts. The platform informed it had to take this action due to the current situation of the market in an email directed to customers. In addition, the platform erased its presence from social media, deleting its account on Twitter. 2gether Reports Bear Market Woes


The current downturn in the cryptocurrency market has affected several cryptocurrency exchanges and lenders unable to return funds to customers, having declared bankruptcy, or being in the process of finding additional funding to keep operating. This time, one of the oldest cryptocurrency exchanges in Spain, 2gether, has been the one affected, blocking the access of customers to its platform.


The exchange reported this situation to its customers via an email, where it stated that due to the current market conditions, it was unable to continue to serve its customers. The company explained:


After five years of serving the crypto community, we are forced to close the private account service. The lack of resources and the crypto winter prevent us from providing the service with the quality and guarantees [with which] other nearby providers are doing it.


2gether looks to be the first Spanish cryptocurrency exchange affected in such a way by the current crypto climate. Accounts Held Hostage


However, 2gether has not allowed its customers to withdraw their funds to other exchanges or to self-custody wallets. Instead, the company has closed its platform and has informed customers that, to keep their accounts active, each one of them will have to provide the equivalent of €20 ($20.35) to be collected by the exchange to continue operating.


Accounts that don’t have this amount of funds available by June 10th will be suspended, with the cryptocurrencies still available also being liquidated. According to reports from Asufin, the Financial Users Association of Spain, this action is affecting 100,000 customers that trusted in 2gether to make their transactions and safeguard their funds. The organization is preparing to initiate legal action in the name of all of the customers of the exchange.


This situation might be used by regulators to press for the establishment of clearer cryptocurrency regulations regarding the actions of virtual asset service providers in the country. In May, Pablo Hernandez de Coz, the Governor of the Bank of Spain, highlighted the importance of establishing such regulations in a quick way to avoid the risk of financial instability. Tags in this story 2gether, accounts block, Bank of Spain, Cryptocurrency, Exchange, exchnage, hostage, Regulation, Spain


What do you think about 2gether’s account blockade? Tell us in the comments section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Argentinian Exchange Ripio Presents Crypto Educational Textbook and Web3 Metaverse Wallet NEWS | 1 hour ago Report: Blockchain.com CEO Reveals Company Lost $270 Million From 3AC Exposure NEWS | 3 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBitcoin, Ethereum Technical Analysis: BTC Surges Above $22,000 Ahead of NFP Report Next articleBiggest Movers: MATIC Rises for 5th Straight Session, While AAVE Is up Nearly 10% Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards


Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher

News Feed

David Attlee21 minutes agoArgentinian oil company to start mining crypto with gas power leftoversTecpetrol hopes to reduce environmental impact by avoiding gas emissions, and generate some additional profits in the meant
Wild Satoshi Theories: The Curious Case of Bitcoin Block 3654 from 2009
Wild Satoshi Theories: The Curious Case of Bitcoin Block 3654 from 2009On Wednesday, 50 bitcoin mined on February 9, 2009, was moved from the original address to a new address. The
Bitcoin ATMs Surpass 10,100 Worldwide: Expert Shares Industry Outlook
Bitcoin ATMs Surpass 10,100 Worldwide: Expert Shares Industry OutlookThe bitcoin ATM industry has reached a milestone as the number of machines installed worldwide has surpassed 10,
South Africa Unveils New Crypto Rules as Usage Soars Exponentially
South Africa Unveils New Crypto Rules as Usage Soars Exponentially The South African financial regulator has published a draft declaration of crypto assets as fi
William Suberg9 hours agoBitcoin fails to recoup post-Fed losses as $20K BTC price returns to radarBitcoin is a bargain for some at current levels, but downside BTC price predictions remain firmly on the agenda.3680 Tota
Law Project Establishes Period to Decide Cryptocurrency Regulations in Brazil
Law Project Establishes Period to Decide Cryptocurrency Regulations in Brazil A law project introduced in June in the National Congress of Brazil has jumped into the spotlight rece
Bitcoin $59K price may swing 'drastically’ amid election year parallels
Ciaran Lyons3 hours agoBitcoin $59K price may swing "drastically’ amid election year parallelsIf Bitcoin follows the same pattern as previous election years, August will be "nothing crazy," but a breakout may
Southeast Asia’s Largest Bank DBS Sees 80% Increase in Bitcoin Trading Volume on Its Crypto Exchange
Southeast Asia"s Largest Bank DBS Sees 80% Increase in Bitcoin Trading Volume on Its Crypto Exchange The largest bank in Southeast Asia, DBS, has revealed that bitcoin trading volu
Amaka Nwaokocha2 hours agoFTX suspends user accounts amid Kroll cyber breach concernsFTX took the decision as a proactive measure to prevent any potential future incidents or additional harm following the recent hack.492
Susquehanna International Group adds $1B in Bitcoin ETFs to portfolio
Ana Paula Pereira2 hours agoSusquehanna International Group adds $1B in Bitcoin ETFs to portfolioAccording to a filing with the U.S. SEC, Susquehanna International Group invested more than $1 billion in Bitcoin ETFs in Q
Critics Claim Tesla Should Sell Bitcoin Position, Electric Vehicle Firm’s Shares Down 30% Since Buying
Critics Claim Tesla Should Sell Bitcoin Position, Electric Vehicle Firm"s Shares Down 30% Since Buying Ever since Tesla announced the company held $1.5 billion i
StarkWare changes STRK token unlock schedule following controversy
Jesse Coghlan15 minutes agoStarkWare changes STRK token unlock schedule following controversyStarknet developer StarkWare cited community feedback as the reason it changed its token unlock schedule for its investors.104