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Bit2Me recently announced it would onboard 100,000 cryptocurrency investors from the 2gether exchange. These users were blocked from 2gether as the exchange said it could not meet its operational costs amid the prolonged bear market.
Bit2Me onboards 2gether users
2gether is a cryptocurrency exchange based in Spain. It issued a statement on July 10 that it was halting its commission-free trading services. The company said its operating model failed to sustain its current operating costs because of the ongoing bear market. 2gether was charging its users a maintenance fee of 20 euros.
Bit2Me is now stepping in to rescue the traders locked out of the 2gether platform. Bit2Me has entered into a deal with 2gether to support new users without charging them fees. It will also allow users to transfer their holdings to Bit2Me while resuming their normal trading activities.
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Bit2Me has also made a commitment to refund 20 euros to users after they have been successfully onboarded. This offer will apply to the 2gether users that transfer their cryptocurrencies to Bit2me.
The CEO and co-founder of Bit2Me, Leif Ferreira, reassured the crypto market in Spain that the exchange was committed to their welfare. Ferreira said that cryptocurrencies and blockchain technology were important in both the present and the future world. Therefore, it was important that users of the 2gether exchange be given access to the crypto sector and not be locked out because of the current macroeconomic conditions.
Crypto framework in Spain
Spain is positioning itself as a hub for cryptocurrency activities. The country’s regulatory agencies have been committed to ensuring investors in the country buy Bitcoin and other cryptocurrencies from regulated platforms.
Recently, the Bank of Spain registered Moon Tech Spain, a subsidiary of the exchange giant Binance. Moon Tech is now a registered virtual asset service provider in Spain. The move will also enable the exchange to continue offering cryptocurrency trading services within the region.
The CEO of Binance, Changpeng Zhao, said that cryptocurrency regulations were important to boost the adoption of cryptocurrencies. Zhao also said that Binance was investing heavily in achieving compliance. This investing in tools that will ensure users comply with anti-money laundering laws. Zhao added that Binance wanted to be a safe and trustworthy player in the sector.
Binance is among the few crypto companies that have exhibited a strong performance despite the ongoing bear market. While some top exchanges are laying off staff, Binance announced it would hire for around 2000 new positions.
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