ShapeShift’s CEO Says Move to Collect IDs Was ‘Proactive’

Bitcoin Talk and Cryptocurrencies Cryptocurrency In the News
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Cryptocurrency exchange ShapeShift’s controversial decision to require user identities wasn’t forced upon it but signified a “proactive” step to reduce legal risks, according to CEO and founder Erik Voorhees.

In comments to CoinDesk made over the weekend, Voorhees offered some hitherto unshared rationale behind a move that prompted criticism from some in the cryptocurrency community who’d seen the site’s prior policy of not requiring formally identified accounts as a way to protect privacy.

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I mean this a no-brainer. The majority of retail investors want peace of mind and some regulation. And the big money won’t come in or share it’s wealth with you if they can’t trust you and your customers. So this is/was inevitable. Exchanges that aren’t “proactive” won’t survive, I don’t think. There’s just too much risk. Perhaps offer that down the line as the industry matures.