ShapeShift.io has decided to pull out of New York State instead of complying with BitLicense.
The BitLicense introduced in New York State by the Department of Financial Services has been creating a lot of noise since the first draft was released. Dubbed as a non-Bitcoin friendly regulation, BitLicense regulation requires Bitcoin companies to comply with requirements which are tougher than those applicable for financial institutions. After objections were raised from across the industry, the Superintendent of New York State Department of Financial Services, Benjamin Lawsky released the final updated version of BitLicense earlier this month after incorporating minor changes to the previous draft.
READ MORE: Final Version of BitLicense Is Out. Not Many Impressed
The final draft didn’t address most of the concerns either. Instead of encouraging innovation, BitLicense has created roadblocks to the development of Bitcoin sector under the guise of consumer protection and safety. By creating an unfriendly environment for Bitcoin companies in the state, BitLicense has got the New York based companies exploring other options.
While most of the companies are either complying with the guidelines, applying for the license or registering their protests and concerns against the BitLicense, ShapeShift.io has decided to take