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Spanish Crypto Exchange Bit2me Won’t Absorb 2gether Customers Due To Internal Discrepancies

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Spanish Crypto Exchange Bit2me Won’t Absorb 2gether Customers Due To Internal Discrepancies

Bit2me, a Spanish cryptocurrency exchange, announced that the deal it aimed to complete with 2gether, another Spanish exchange, fell through due to internal discrepancies. The company hoped to absorb the customers of 2gether after it blocked operations, forcing users to pay €20 to keep using the platform after having declared it could no longer provide free services earlier this month.

Bit2me Drops 2gether Customer Absorption Deal

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Spanish cryptocurrency exchange 2gether is still facing difficulties after it blocked its customers’ access to its platform earlier this month. Bit2me, another cryptocurrency exchange, had proposed a deal to absorb these customers and move their funds to its platform. However, according to a blog post issued by the company, the deal was not completed due to internal discrepancies.

In the blog post, Bit2me’s team explained that:

Bit2Me was determined to offer a solution so that 2gether users could continue trading their cryptocurrencies on Bit2Me. All this, from the good will and without any type of financial compensation between the parties.

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2gether blocked users from accessing their funds on its platform earlier this month, due to what it called the “inability to maintain free service” as a result of the cryptocurrency market downturn, telling customers they had to make a €20 (about $20) one-time payment to keep using their platform for cryptocurrency trading. Bit2me initiated talks with the exchange to absorb their customers in the interest of offering its services to keep these customers in the crypto ecosystem.

About this, Bit2me stated:

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Bit2Me’s objective with this agreement was to protect the crypto ecosystem in Spain in order to allow 2gether clients to continue buying and selling cryptocurrencies without selling their positions.

New Plans

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However, Bit2me has not given up, and it is presenting an offer for customers that will reimburse the €20 one-time payment if they transfer their funds voluntarily from 2gether to its platform. However, the value of the cryptocurrency transferred must be higher than €200 euros for this to apply.

The woes that 2gether is facing are affecting more than 100,000 customers, and some of these are already planning to take legal action against the exchange. This is the case with Asufin, a local association of users, that has hinted about taking this kind of action. It declared:

At Asufin we are assessing the possibilities of filing a legal claim to inform affected consumers of the steps to follow in the face of this type of closure of ‘exchange’ platforms.

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What do you think about the unfinished deal between Bit2me and 2gether? Tell us in the comments section below.

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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.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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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.

2gether

Spanish Crypto Exchange Bit2me To Rescue 2gether Customers After Account Block

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Spanish Crypto Exchange Bit2me To Rescue 2gether Customers After Account Block

Bit2me, a Spanish cryptocurrency exchange, is looking to absorb customers of 2gether, another Spanish exchange, after the company blocked access to its trading platform. Bit2me will pay the €20 fee that 2gether imposed on its customers to continue trading on its platform. The customers will be able to keep trading on Bit2me’s platform, having their assets transferred there.

Bit2me to Absorb 2gether Customers

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Bit2me, a Spanish cryptocurrency exchange, announced its intention of absorbing customers whose accounts were blocked by 2gether, another Spanish cryptocurrency exchange, last week. The company disclosed a plan that would allow customers to move their funds and accounts to its platform to continue trading.

According to information explained in a blog post, Bit2me would reimburse the €20 ($20.00) fee that 2gether told users they had to pay to keep operating using its platform. The intention would be to keep these users in the crypto environment. Leif Ferreira, co-founder and CEO of Bit2me, declared:

Training, knowledge, and innovation are the keys to bringing this sector to the whole of society. At Bit2Me we are committed to what we believe. For us, the world of cryptocurrencies and blockchain technology is and will be key to our present and future. For that reason, we want to be next to 2gether users who want to continue to be linked to the crypto ecosystem.

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2gether Woes

2gether informed its customers about the problems it had been facing earlier this month when the exchange blocked access to customers and deleted its presence from social media, affecting 100,000 customers. The company informed its customers that, as a result of the recent market downturn, it would be unable to keep supporting free accounts.

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Also at that time, the company imposed a one-time €20 fee on its users, in order for them to continue utilizing platform services. However, customers whose accounts’ funds were below that number would be liquidated. While 2gether reported having been affected by the market situation, in contrast, Bit2me has continued to operate normally, even expanding its operations to Latam.

Bit2me announced the establishment of a new office in Brazil in May, to tackle the market of more than 20 million customers that hold crypto in the country, with compliance and security as goals. In the same vein, the company was the first to receive authorization from the Central Bank of Spain to operate as a regulated virtual asset service provider (VASP), in February.

What do you think about Bit2me’s proposal to 2gether’s customers? Tell us in the comments section below.

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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.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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.

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2gether

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

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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

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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.

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

Accounts Held Hostage

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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.

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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.

Advertisement

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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.

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