The cryptocurrency market has been facing a lot of volatility since the beginning of the year, but things have gone from bad to worse in the last couple of months. This has resulted in a lot of crypto companies facing liquidity problems and tough financial conditions. As a matter of fact, this has resulted in a number of companies filing for bankruptcy.
One of the companies that have been facing financial problems is the Spanish crypto exchange 2gether and another crypto exchange in the country, Bit2me, had offered to assist, but the deal could not happen. The latter cited internal discrepancies as the reason the deal could not move forward, which had involved absorbing 2gether’s customers.
Earlier this month, 2gether had announced that it was blocking access of customers to their accounts on its platform because of the financial difficulties it was facing. This had prompted Bit2me to step in and put forward a deal that involved absorbing the former’s clients and shifting their funds to its platform.
But, Bit2me’s latest blog post disclosed that they had made the offer of allowing 2gether’s clients to use its platforms without any ill will and had not demanded any financial compensation for it. But, a deal could not be reached on the matter.
This month saw 2gether block its users from gaining access to their accounts or funds without warning, as it said that it could no longer afford to offer free services because of the downturn in the crypto market. The crypto exchange further asserted that if customers wanted to gain access to their account once more, they would have to deposit a sum of €20.
The exchange clarified that this was a one-time payment and clients would be able to continue their crypto trading services. At this point, Bit2me had begun talks with 2gether about absorbing its clients by offering to pay the €20 payment demanded, so they could transfer their funds to its platform. Bit2me stated that this was done to ensure that clients did not leave the crypto ecosystem. It said that they wanted to ensure that clients would continue buying and selling crypto.
But, it does not appear that Bit2me will give up because now it is offering customers the €20 payment that they can use for accessing their 2gether accounts and then voluntarily transferring the funds to their platform. It should be noted that this is only applicable to accounts that have more than €200.
More than 100,000 customers have been affected because of 2gether’s surprise move and many already have plans of pursuing legal action against the company. A local association of users called Asufin has already given a hint about taking this kind of action.
It said that they were exploring the possibilities of filing a legal complaint in order to help consumers understand the steps they can take in a similar situation. 2gether had not only blocked its clients but had also wiped out its social media presence, which had worried investors.