Cryptocurrency exchange service ShapeShift has introduced new rules for users which will become mandatory by the end of this year.
The main change, reflected in the rules, is a failure of the platform from the model of “exchange without account”. It should be noted that this approach emphasized the exchanger among all the others. The company itself called itself “Google Translate for cryptocurrency”. Now ShapeShift will collect some personal data of users through the creation of their accounts to then offer a variety of bonuses — in fact, the system will operate as a conventional loyalty program.
As he wrote in his blog, ShapeShift CEO Erik Voorhees (Erik Voorhees), the company would prefer not to collect personal data, but to create a membership program is needed.
“We still believe that all people, regardless of race, religion or nationality, have the right to confidentiality of their financial activities, in the same way as the right to freedom of thought, relationships and communications. Confidentiality is a basic element of a civilized and just society and must be protected by all good people. We remain faithful to his cause, and for his sake we should maintain a reasonable approach,” writes Voorhees.
Under the membership program, users will receive discounts on exchange transactions, fees for transactions with the native token of the FOX platform, the size of which will depend on the amount of exchange as well as higher limit of operations. The head exchanger also noted that ShapeShift still will not store customer funds.
According to Voorhees, all changes were made for several reasons: to meet user requests ShapeShift, due to rising interest in tokenization and uncertainty of regulation of cryptocurrency exchanges. So, due to the adoption of the new York city licensing system for cryptocurrency exchanges Regulations, ShapeShift was forced to leave the state. Voorhees, during his speech at the conference of Consensus 2018 called the situation absurd.