Led 18

ShapeShift Aided 60 Law Enforcement Inquiries in 2018, Erik Voorhees Reveals

It seems like ShapeShift has done exactly as its name suggests, changing form almost beyond recognition. Founder, CEO, and no fan of the SEC, Erik Voorhees’ exchange once existed without accounts. Now they have full KYC and hand over customer data upon request.


ShapeShift Shocked Crypto World With KYC

In what can only be described as a seismic shift in ethos, ShapeShift started implementing KYC in September 2018. They first sugarcoated it as a “membership program,” for which users would have to provide “basic personal details.” This would allow the exchange to reward them in the form of higher trading limits, cheaper fees, and the like.

Whichever way you spin it, however, the company was paving the way for full KYC/AML. And all customers would have to undergo it by the end of the year. Voorhees later admitted the decision was largely due to “regulatory hurdles.” It also stung the company financially, forcing them to lay off some 37 employees.

ShapeShift made a name for itself as a frictionless way to move crypto funds. But if the company was to compete in a regulatory environment that’s increasingly heating up, it would have to get compliant. Plain and simple.

ShapeShift and Law Enforcement

A blog post tweeted out by Voorhees yesterday may shock its users who thought they had complete anonymity before Q3. Making a reference to Kraken and how their transparency with law enforcement inspired ShapeShift to also help, they say that in 2018, the exchange aided in 60 law enforcement requests.

The below charts depict the various types of law enforcement requests that come in different forms from governments around the world.

ShapeShift Law Enforcement Requests

The company says:

In the United States, they often take the form of subpoenas… What probably won’t come as a surprise is that the United States makes up the largest number of these requests.

A subpoena is a court-ordered request that essentially forces a person or entity to take an action. This could either be to testify before a court or hand over documents. Voorhees is no stranger to these.

What’s interesting is that there was an influx of requests towards the end of quarter three and moving into quarter four. The company says that this is congruous with other crypto companies in the industry, citing Market Watch.

ShapeShift No Longer Anonymous in Anyway

For users who thought that moving crypto through ShapeShift was a viable way of facilitating criminal activity, KYC clipped their wings. And if they had any notion that their transactions were anonymous on ShapeShift at any point last year, they just go a wakeup call.

There’s a lot of scrutiny on cryptocurrencies as the technology and use evolves. ShapeShift has always held financial transparency as a core principle, and for this reason, we felt the world should know that these types of law enforcement requests happen – almost continuously.

What do you think about Shapeshift aiding law enforcement? Share your thoughts below!


Images courtesy of Shutterstock, Shapeshift.io

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Čvc 10

Price Report: Bitcoin is Dominating Argentina

Source: bitcoin

Argentina

Another small rise is in the books. Following a drop to $639, the price of bitcoin has jumped up to about $645 at press time.

Also read: Pounds vs Yen: The Battle Over Bitcoin Rages On

At first glance, this appears to be a meaningless rise. Just a few dollars, nothing to scream and shout about, but considering the circumstances surrounding the halving that has now officially taken place, the results are something to celebrate.

The price of bitcoin fell about 5 percent at midday on Saturday, slumping to the $620 range. This drop was only temporary, though, as just a few hours later the price rose by an additional $20, causing everyone to breathe a deep sigh of relief.

Following the first Bitcoin halving about four years ago in 2012, the price of a single coin dramatically increased. We’re likely to witness a similar spike in the coming weeks, granted these results repeat themselves.

“The impact of the halving isn’t based on size, it’s based on marginal profitability,” explains Erik Voorhees of Shapeshift.io.

But some aren’t looking at the halving as an influence at all, believing action in countries like Argentina could lead the digital currency towards a particularly impressive jump. This is where a few unusual situations come in.

Bitcoin Saves the Day in Argentina

In Buenos Aires, the capital city of Argentina, growing “dial-a-ride” service Uber is facing opposition for allegedly operating without permits or tax-identification numbers. Lawsuits from taxi companies are popping up regularly, and credit card companies have blocked Uber payments. Even city officials are taking a stance.

So what’s Uber done? Wanting to stay in business, the ride-sharing service has turned to bitcoin company Xapo, where it has found security in a bitcoin-funded debit card that customers can use to purchase rides. The card is not used locally; rather, transactions occur out of Gibraltar, an area that doesn’t oversee or block Uber payments. Xapo head Anni Rautio says the process of obtaining a card is easy, and the company has already witnessed several customer requests:

“All they have to do is set up their Xapo and receive it at home, and it’s ready to use… This is a very specific situation with a very specific problem and a very specific solution… Since last week, all Uber users in Argentina have been able to use their Xapo bitcoin debit cards to pay for their Uber rides… This is a win for all local Uber users and drivers, and for Uber as a company, as they are able to continue operations in Argentina through Xapo’s debit card.”

So in its fight to garner financial independence for users, it would appear that bitcoin has chalked up another valiant win.

Do you foresee another massive rise? Post your thoughts and comments below!


 

Images courtesy of Uber, Wikimedia Commons.

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Price Report: Bitcoin is Dominating Argentina

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Úno 17

Multi-sig Wallet BitGo Integrates with ShapeShift.io API

Source: bitcoin

Multi-sig

SWITZERLAND, Feb 17, 2016 – ShapeShift.io, an instant Bitcoin and blockchain exchange service, has been integrated into the multi-sig Bitcoin wallet, BitGo. The ShapeShift API integration allows BitGo wallet users to send or receive all leading cryptocurrencies without leaving the wallet.

Disclaimer: This is a press release. Bitcoinist is not responsible for these companies’ products and/or services.

Multi-Sig Wallet for Altcoin Exchange

 

“We’re constantly impressed with the ShapeShift product for its speed and ease of use,” said BitGo CEO Mike Belshe, “BitGo customers can now instantly transfer their Bitcoin into any alt-currency with just a few clicks!”

See how BitGo works with ShapeShift in this quick video:

The relationship between the companies has continued to strengthen. ShapeShift previously integrated BitGo’s “Instant” feature to enable zero-confirm transactions from BitGo wallet users to ShapeShift.

Developed primarily as an API platform, ShapeShift has been integrated into over 45 partner services throughout the blockchain industry.

For businesses interested in learning more about ShapeShift API integration, please contact emily@shapeshift.io.

About ShapeShift.io

ShapeShift is how digital asset exchange should work. From start to finish users can convert digital currencies in seconds, with no account required. No emails or passwords. No lengthy sign­up process. No accounts. No bid and ask orders. No friction. ShapeShift’s goal is to be the fastest, safest, and most convenient way to trade digital assets. See more at:

About BitGo

BitGo is the leader in Bitcoin security and a pioneer of multi-signature technology. The company offers BitGo Enterprise, an enterprise-grade, multi-sig, multi-user Bitcoin wallet, and BitGo Platform API, a robust set of tools and services to access the underlying platform. BitGo recently announced handling of $1 billion of Bitcoin transactions per quarter. The company was founded by veterans in online security, digital currency, and financial technology, and has raised more than $14 million in financing to date. Learn more at www.bitgo.com.

The post Multi-sig Wallet BitGo Integrates with ShapeShift.io API appeared first on Bitcoinist.net.

Multi-sig Wallet BitGo Integrates with ShapeShift.io API

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