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This bitcoin exchange has failed – its accounts canceled!

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The harsh winter conditions in the cryptocurrency market seriously affect not only cryptocurrencies, but also the stock markets. 2gether, one of Spain’s oldest Bitcoin exchanges, abruptly shut down operations. Subsequently, it blocked access to its users’ accounts. The platform informed customers of a situation via email. He said he had to take this action due to the current state of the market. Additionally, the platform deleted its Twitter account.

The problems caused Bitcoin Exchange 2gether to withdraw from the market

The current decline in the cryptocurrency money market has also left cryptocurrency exchanges in a very difficult situation. We have heard of cryptocurrency exchanges that are unable to return funds to clients, declare bankruptcy or are in the process of raising additional funds to continue their operations. This time around, the crisis hit 2gether, one of the oldest Bitcoin exchanges in Spain. The cryptocurrency trading platform has blocked clients from accessing its platform.

The exchange informed its customers of this situation via an email. He also claimed that he could not continue serving his customers due to current market conditions. The company emphasized the following points in its statement:

After five years serving the cryptocurrency community, we had to close the private account service. The lack of resources and the winter of cryptocurrencies prevent us from offering the service with the quality and guarantees that other nearby suppliers do.

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cryptocurrency.comAs you can follow from, 2gether is not the first exchange to throw in the towel in the market. However, it appears to be the first Spanish cryptocurrency exchange to be affected in this way by the current crypto climate.

And the accounts on the stock exchange?

However, 2gether did not allow its clients to withdraw their funds on other exchanges or auto-escrow wallets. Instead, the company has permanently shut down its platform. Additionally, he informed his clients that he had to provide the equivalent of 20 euros ($ 20.35) that they would be charged by the exchange to keep their accounts active and each to keep trading.

The exchange will suspend accounts that do not have this amount of funds until June 10. It will also liquidate existing cryptocurrencies. According to Asufin, the Spanish Association of Financial Users, this action affects 100,000 customers who rely on 2gether to carry out their transactions and protect their funds. The organization is preparing to take legal action on behalf of all clients of the exchange.

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Cryptocurrency regulations are on the rise

Meanwhile, as the casualties of recent liquidations and bankruptcies rise, so do the demands for stricter regulation. It is possible that this situation could be used by regulators to push 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 quickly establishing such regulations to avoid the risk of financial instability.

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