Bit2me, a Spanish cryptocurrency exchange has decided to absorb customers from 2gether whose accounts have been frozen by 2gether, which is also cryptocurrency exchange. This Spanish crypto exchange has announced that it shall onboard 100,000 investors from 2gether.
2gether has been severely affected by the market downturn and was unable to sustain during the unfavourable industry conditions and imposed a ban on trading. 2gether is also a Spanish cryptocurrency trading exchange which had to shut down the trading service earlier this month.
The reason behind such a move was the inability to fulfil operational costs due to the industry crash. Users were being charged 20 euro maintenance fees. For users of 2gether if they wish to continue trading they would have to transfer their cash and accounts to the company’s platform.
Bit2Me has now formed an agreement to absorb displaced and disrupted crypto investors. The absorption will happen by taking the users without imposing any fees. Now after the onboarding, Bit2Me will reimburse 20 euros to the users.
Bit2Me Steps Up To Provide Relief To 2gether Disrupted Users
Bit2Me without imposing any fee will allow the user to transfer and move their holdings in order for them to resume their trading activities.
At the time when 2gether imposed a prohibition of consumer access along with rubbing out the social media presence this month, the customers of the company were notified about the issues.
2gether completely blamed market conditions for such a situation. Due to such a financial crisis, the exchange company scrapped the free account service.
Bit2me co-founder and CEO Leif Ferreira stated that,
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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Other Developments
The Bank of Spain has recently registered Binance’s Spanish subsidiary which is Moon Tech Spain. Moon Tech Spain has been registered as a virtual asset service provider. In this arrangement, the exchange shall be allowed to offer crypto trading services in Spain.
Changpeng CZ Zhao is of the opinion that effective regulation is mandatory in order for crypto to witness mass adoption. He further mentioned,
We have made significant investments in compliance and introduced AMLD 6 and 5 compliant tools and policies in order to ensure that our platform is the most trusted and safest in the industry.
Bit2me also announced that the company has started their new office in Brazil in May. Bit2me wanted to take care of that particular market that has more than 20 million customers who hold crypto within the country. It has also worked through the compliance and security issues.
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Featured image from Inversion.Es, chart from TradingView.com