In Spain, the oldest cryptocurrency exchange unexpectedly stopped withdrawing cryptocurrencies and demands money from owners for unblocking

The Spanish exchange 2gether blocked the site and stated that it would resume operations only after users make a € 20 donation.

The current downturn in the cryptocurrency market has actually affected numerous cryptocurrency exchanges, as well as credit institutions that are unable to return funds to customers, effectively declaring themselves bankrupt or remaining in the process of seeking additional funding to support their operations. This time, one of the first cryptocurrency exchanges in Spain, 2gether, is preventing customers from accessing its system.

The platform reported that it had to do this due to the current market situation by sending an email to customers. The platform also removed its presence from social media.

«After five years of serving the crypto community, we are forced to close services for private accounts. Lack of resources and the crypto winter do not allow us to provide services with the quality and guarantees that other providers in the sector have,» said the exchange’s representatives.

2gether does not allow its customers to transfer their funds to other exchanges or to their own wallets. Instead, the company shut down its platform and informed customers that in order for their accounts to remain active, each of them would have to provide the equivalent of 20 euros.

Accounts that do not have this amount of funds available by June 10 will be blocked, and all cryptocurrencies available on the wallets will be liquidated. According to a report by Asufin, the Spanish Financial Participants Association, these actions affect 100,000 customers who entrusted 2gether with the maintenance of their funds. Asufin is preparing to file a lawsuit on behalf of all the exchange’s clients.