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 site provides an overview of the identity theft problem in America and encourages New Yorkers to contact their representatives and media outlets.
The company says NY’s new anti-competitive licensing scheme, violates consumer protections and puts users at risk. According to the Bureau of Justice Statistics, identity theft is a multi-billion dollar problem in America–more costly than burglary, vehicle theft, and traditional property theft, combined.
Voorhees, the company’s CEO stated:
“Identity theft is an epidemic, more costly to society than many other forms of theft and crime. It is pervasive because the antiquated financial system–based on credit cards and banks–only works when personal information is attached to your transaction. Bitcoin has finally solved this problem, by enabling 100% secure transactions without attaching your