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ShapeShift cuts off service to New York after new regulations

Friday 12 June 2015 10:46 CET | News

ShapeShift.io, a Bitcoin startup, has completely cut off service to New York in response to the state’s new regulatory policy for digital currency businesses.

The BitLicense, which was finalized recently, sparked fear among the Bitcoin community during its revision process over 2014, and now that it is out, has courted criticism for the various licenses and approvals it requires of companies that store and transmit money for customers. It is seen as too stringent and restrictive of innovation.

The company has suspended service to all users in New York State, and is redirecting its homepage for internet visitors there to PleaseProtectConsumers.org, with a long note about the issue of identity theft and how Bitcoin and the blockchain can prevent it.


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Keywords: Bitcoin, online payments, digital payments, cryptocurrencies, Shapeshift, New York, US
Categories: DeFi & Crypto & Web3
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Countries: World
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DeFi & Crypto & Web3






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