ShapeShift.io Refutes BitLicense, Halts Services in New York Area
The Bitcoin regulation in New York will be affecting many digital currency companies for quite some time to come. And by the looks of it, one company is already halting all of their services in the state of New York, as a protest against the BitLicense regulation. ShapeShift feels the time has come to take a stand against this “immoral and unethical” regulation of Bitcoin. When the final version of New York’s BitLicense was revealed, many Bitcoin enthusiasts were rather unhappy with the outcome. It goes without saying this regulation could be very harmful to Bitcoin-related companies....
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ShapeShift, a popular cryptocurrency exchange based in Switzerland, terminated its services in New York today, due to the state’s BitLicense regulations for digital currencies. Erik Voorhees, Shapeshift Founder and CEO, told CNBC: Voorhees has decided not to to comply with the BitLicense, explaining that ShapeShift is not willing to take the risk of exposing its users’ personal information, leaving them susceptible to potential data breaches or hacking attacks. The exchange is known for its ease of use because it doesn’t require users to create accounts. "We either would have to do....
Yet another bitcoin startup left New York State and declined to comply with the BitLicense. BitFinex, the largest cryptocurrency trading platform in the U.S has followed the lead of Poloniex and Shapeshift, announcing the closure of their operations on their blog this week. The BitFinex team wrote: BitLicense requires any digital currency related startups and exchanges to pay US$5,000 in application fees, US$20,000 in legal fees. “Due to financial regulation changes in the State of New York, certain Bitfinex services are no longer available for New York Residents. Bitfinex is not applying....
Mere weeks after New York state's BitLicense requirements were said to be “in effect,” two Bitcoin mining pools have been forced to deny their services to New York IP addresses (one shutting down entirely), and one exchange has done the same. BTC Guild and Eobot are among Bitcoin's smaller mining pools — you know, the kind that have kept Bitcoin mining sort of “decentralized.” But BTC Guild has now shut down entirely, telling its members: Similarly, Eobot explained to their members who use New York IP addresses that the mining pool could no longer afford to deal with them: “The fact that....
The New York Department of Financial Services has released the application for a "License to Engage in Virtual Currency Business Activity" more commonly known as the Bitlicense. You can view it here (PDF). Bitlicense Controversy. The Bitlicense application is 31 pages. I just checked my handy bible, and Genesis is only 33 pages. God needed 2 more pages to create the world than Ben Lawsky needs to vet Bitcoin companies. In case you're not familiar, Ben Lawsky is a former regulator who is primarily responsible for the new virtual currency regulations in New York. Eric Voorhees, CEO of....
Following the release of the "BitLicense" regulation by the New York Department of Financial Services, ShapeShift.io, an Altcoin and Bitcoin exchange platform has suspended service to all residents of New York State. The Bitcoin and Altcoin exchange now responds to "BitLicense" Regulation and launches a new site dedicated to consumer's protection awareness, PleaseProtectConsumers.org. In response to the new regulation, ShapeShift is redirecting all site traffic from New York to the new initiative: PleaseProtectConsumers.org and inviting other digital currency companies to do the same. The....