Shapeshift 'membership' launched | Bitcointalksearch.org

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: franky1 on September 05, 2018, 04:24:02 PM

wasnt shapeshift moved away from america and also away from FIAT to only handle cryptoswaps purely to avoid the AML/KYC mumbo jumbo..

i think they just destroyed their niche now..

oh wait. i see now... greed
" Our increasing interest in the broad phenomenon of tokenization – the ability to “financialize” and bring liquidity to various aspects of business/customer relationships. "

if you read between the lines, it's regulators or law enforcement agencies that are pressuring them. this talk about "legal grey area" and "navigating the regulatory environment" means one thing to me: shapeshift got too damn big, the feds are breathing down their neck, and voorhees is caving to the pressure.

i don't blame him---the risk of not complying is huge. for example, FINCEN fined btc-e $110 million for AML violations, on top of the criminal charges.

magneto

hero member

Activity: 1666

Merit: 753

Quote from: gentlemand on September 04, 2018, 07:25:29 PM

https://info.shapeshift.io/blog/2018/09/04/introducing-shapeshift-membership/

Not surprising. I guess it was only a matter of time before it went KYC/AML. No way anything that high profile was going to stay as is.

Was that a deciding factor in using it for you or will you hand it over for the sake of good service?

It's really unfortunate to see this happen because I used them as almost a complete exchange, and used them whenever possible.

Guess that since they are requiring verification now, I'm just going to have to find another service similar to theirs. Or, potentially, I'll have to just settle for an exchange like Binance or something along the lines of that.

Franky1 makes an interesting point. Perhaps it is their own business interests that led to this having to be done (tokenisation and financialising customer relations), or perhaps it's just something that was inevitable legally. Either way, they're going to see a huge drop off in customers.

franky1

legendary

Activity: 4424

Merit: 4794

wasnt shapeshift moved away from america and also away from FIAT to only handle cryptoswaps purely to avoid the AML/KYC mumbo jumbo..

i think they just destroyed their niche now..

oh wait. i see now... greed
" Our increasing interest in the broad phenomenon of tokenization – the ability to “financialize” and bring liquidity to various aspects of business/customer relationships. "

they want to sell their customers data to other companies.

......financialise various aspects of customer relationships......

🏰 TradeFortress 🏰

vip

Activity: 1316

Merit: 1043

👻

Changelly practically requires AML/KYC for any decent volume too. Just see https://www.reddit.com/r/Monero/comments/8bdigt/dont_use_changelly_millions_stolen/

timerland

hero member

Activity: 1526

Merit: 596

Quote from: gentlemand on September 04, 2018, 07:25:29 PM

https://info.shapeshift.io/blog/2018/09/04/introducing-shapeshift-membership/

Not surprising. I guess it was only a matter of time before it went KYC/AML. No way anything that high profile was going to stay as is.

Was that a deciding factor in using it for you or will you hand it over for the sake of good service?

Unfortunately, this had to be done due to the regulatory pressures.

The blog post actually felt quite sincere given that usually exchanges just glance over the issue of privacy altogether. Shapeshift has definitely been one of my favorite exchanges to use over the past few years, with all the KYC requirements on other exchanges. It's sad to see it come to an end, and their business will definitely be hit hard due to this - but it was a matter of time only.

Quote

Today, Membership is optional, but it will become mandatory soon.

I will probably continue to use it until this becomes mandatory, at which point I'll try find another site to use. If I can't I'll probably reluctantly hand over the docs, but as a last resort. It's really quite unfortunate given that it had the perfect mix of anonymity, trust, and convenience. An alternative will be hard to find for sure.

LeGaulois

copper member

Activity: 2940

Merit: 4101

Top Crypto Casino

That's why I usually prefer small companies. Less risk to see something like this happening suddenly. I am surprised it happens only now.
But I don't think the majority does care about the benefits.

Quote

TL;DR

ShapeShift Membership is a loyalty program
Benefits, depending on level, may include higher trading limits, rewards on trading volume, better pricing, private market and trade data, and early access to new coins, products and services

gentlemand

legendary

Activity: 2604

Merit: 3056

Welt Am Draht

https://info.shapeshift.io/blog/2018/09/04/introducing-shapeshift-membership/

Not surprising. I guess it was only a matter of time before it went KYC/AML. No way anything that high profile was going to stay as is.

Was that a deciding factor in using it for you or will you hand it over for the sake of good service?

Topic: Shapeshift 'membership' launched (Read 153 times)