End of the era: crypto community has severely criticized new rules on ShapeShift

Verified
2 months ago
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The decision of the exchange platform ShapeShift about the launch of the membership program and the related collection of personal data of users was met with harsh criticism of the crypto community.

Appearing on the market in 2013, the platform became popular precisely because it enabled the instant exchange of cryptocurrencies without any registration and submission of even minimal data- however,  it meant with somewhat higher commissions.

However, on Tuesday, September 4, ShapeShift launched a membership program or, as it is positioned by the company, a “loyalty program”, which will soon become mandatory and involves the collection of personal data.

Despite the fact that the Swiss company’s statement does not explicitly say this, it can be assumed that this decision was at least a consequence of today’s general situation with the regulation of the crypto industry, and it is not excluded that it is the result of pressure from the law enforcement.

The news has become one of the most discussed topics in the community over the past 24 hours. Some users blame the company and personally Eric Voorhees for “betraying” the ideals and philosophy of bitcoin and the actual implementation of AML / KYC procedures.