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Non-custodial cryptography platform Shapeshift has introduced a membership program that will soon be mandatory. CEO Erik Voorhees explains that his exchange will have to start collecting the basic personal information of its users and there will be five levels of registration.
Read also: 160 Crypto Exchange try to enter the Japanese market, the regulator reveals
Mandatory registration to Shapeshift is required soon
Shapeshift's founder and CEO, Erik Voorhees, announced the launch of Shapeshift Membership on Tuesday.
<img class = "alignright wp-image-211667 size-medium” title=”Shapeshift switches to the subscription template that requires user information” src=”https://news.bitcoin.com/wp-content/uploads/2018/09/shapeshift-300×109.jpg” alt=”Shapeshift switches to the membership model that requests the user information "width =" 300 "height =" 109 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/09/shapeshift -300×109.jpg 300w, https: //news.bitcoin.com/wp-content/uploads/2018/09/shapeshift-768×278.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2018 / 09 / shapeshift-970×353. jpg 970w, https://news.bitcoin.com/wp-content/uploads/2018/09/shapeshift-696×252.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2018/09/ shapeshift.jpg 976w "sizes =" (maximum width: 300px) 100vw, 300px”/>"Shapeshift Membership is a loyalty program," he said, adding that the benefits depend on the level of membership that "could include increased trading limits, trading volume premiums, better prices, private market data and trade, and early access to new coins, products and services. "The managing director has elaborated:
Registration is optional today, but it will soon become mandatory … Registration requires the collection of basic personal information.
<img class = "alignright wp-image-211672 size-medium” title=”Shapeshift switches to the subscription template that requires user information” src=”https://news.bitcoin.com/wp-content/uploads/2018/09/wallet-300×210.jpg” alt=”Shapeshift switches to the membership model that requires user information "width =" 300 "height =" 210 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/09/wallet-300×210.jpg 300w , https: //news.bitcoin.com/wp-content/uploads/2018/09/wallet-768×537.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2018/09/wallet- 1024×716. jpg 1024w, https://news.bitcoin.com/wp-content/uploads/2018/09/wallet-100×70.jpg 100w, https://news.bitcoin.com/wp-content/uploads/2018/09/ wallet-200×140.jpg 200w, https://news.bitcoin.com/wp-content/uploads/2018/09/wallet-696×487.jpg 696w, https://news.bitcoin.com/wp-content/uploads/ 2018/09 / wallet-600×420.jpg 600w, https://news.bitcoin.com/wp-content/uploads/2018/09/wallet.jpg 1035w "sizes =" (maximum width: 300px) 100vw, 300px”/>On its website, Shapeshift emphasizes that without personal information from the user, "it would not be able to offer higher order limits and would not be able to serve as many jurisdictions".
The change will also affect integrated portfolio services. Responding to a Twitter user's question, "If Shapeshift's membership will soon become mandatory, how does this affect the exchanges within the portfolio" like Jaxx and Exodus? Shapeshift explained:
If you use a wallet that integrates with Shapeshift, you will need to authenticate once through the wallet to take advantage of your membership and then use the http://shapeshift.io service.
Express user disapproval
<img class = "alignright wp-image-211674 size-medium” title=”Shapeshift switches to the subscription template that requires user information” src=”https://news.bitcoin.com/wp-content/uploads/2018/09/user-300×285.jpg” alt=”Shapeshift switches to the membership model that requires user information "width =" 300 "height =" 285 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/09/user-300×285.jpg 300w , https: //news.bitcoin.com/wp-content/uploads/2018/09/user-768×730.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2018/09/user- 696×662. jpg 696w, https://news.bitcoin.com/wp-content/uploads/2018/09/user-442×420.jpg 442w, https://news.bitcoin.com/wp-content/uploads/2018/09/ user.jpg 860w "sizes =" (maximum width: 300px) 100vw, 300px”/>Shortly after the announcement of Voorhees, many industry participants took Twitter assault to comment on the change. Among these was the developer of Bitcoin Core Peter Todd. He spoke quickly: "Shapeshift bites the dust".
Another Twitter user claimed to have used the exchange because of the "Lack of AML / KYC [anti-money laundering/know your customer]"However, with Shapeshift" getting an AML / KYC bullshit, "he declared," I suppose there's no more reason to use Shapeshift anymore. The only reason to collect data is that of whores to other vendors … and potentially you lose it to hackers. "
A third Twitter user commented: "Thank you for everything you did @Shapeshift_io, but I will [be] using another service from now on. You destroyed your primary use case. "
Why switch to the registration form
Voorhees illustrated three driving forces for the transition of his platform from being "account-less exchange" to an account-based model.
First, he says that many users have requested account-related features such as transaction history, authorized addresses, and e-mail notifications.
Secondly, "our growing interest in the broader phenomenon of tokenization – the ability to" finance "and bring liquidity to various aspects of business / client relationships," he wrote.
Finally, Voorhees emphasized the "need to be cautious and considerate in our approach as we navigate the regulatory environment", noting that "the practice of requiring customers to deliver private personal information is one of those we have struggled with since # 39; beginning. "
Five membership levels and FOX tokens
<img class = "alignright wp-image-211677 size-medium” title=”Shapeshift switches to the subscription template that requires user information” src=”https://news.bitcoin.com/wp-content/uploads/2018/09/membership-300×227.jpg” alt=”Shapeshift switches to the membership model that requests the user information "width =" 300 "height =" 227 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/09/membership -300×227.jpg 300w, https: //news.bitcoin.com/wp-content/uploads/2018/09/membership-768×581.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2018 / 09 / membership-1024×774. jpg 1024w, https://news.bitcoin.com/wp-content/uploads/2018/09/membership-80×60.jpg 80w, https://news.bitcoin.com/wp-content/uploads/2018/09/ membership-160×120.jpg 160w, https://news.bitcoin.com/wp-content/uploads/2018/09/membership-696×526.jpg 696w, https://news.bitcoin.com/wp-content/uploads/ 2018/09 / membership-555×420.jpg 555w, https://news.bitcoin.com/wp-content/uploads/2018/09/membership.jpg 1050w "sizes =" (maximum width: 300px) 100vw, 300px”/>Voorhees described five levels of belonging. "Level 1 is now available and is free and open to all", he confirmed. The transaction limit for this level is $ 10,000 with a monthly limit of $ 50,000 on the volume.
"Levels 2-5 will be available later and will allow benefits on large volumes," added Voorhees. These levels "are optional and require FOX tokens," Ethereum-based token standards "that will have a number of features and functions when they are available," explains the Shapeshift website.
The exchange has elaborated:
Membership levels 2-5 require a user to keep different amounts of this token and FOX is also used as a reward for members in various ways. Membership levels 2-5 are not yet available, but will be in the future.
What do you think of Shapeshift switch to a membership model? Would you still use Shapeshift? Let us know in the comments section below.
Images courtesy of Shutterstock and Shapeshift.
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