NY (PRWEB) Summer 15, 2015

ShapeShift AG, a trade solution for digital assets, has suspended solution to all residents of the latest York State, effective immediately, following the launch of the “BitLicense” legislation by the ny division of Financial solutions.

The business states NY’s new anti-competitive certification plan, which targets a broad swath of digital currency and blockchain-based monetary organizations, violates consumer defenses and puts users in danger.*

The BitLicense requires companies to forcefully extract personal, personal data from users of Bitcoin services, therefore revealing these users to hackers and identity theft. When a customer’s name, target, ID, alongside exclusive details tend to be collected by businesses, they are able to result in databases that are consistently hacked and abused.

In Summer this year alone, the private records of an incredible number of Us americans have now been taken from federal government computer systems.

“Identity theft is an epidemic, more pricey to community than other types of theft and crime,” reported ShapeShift CEO and Bitcoin business pioneer, Erik Voorhees, “It is pervasive as the antiquated economic system–based on credit cards and banking institutions–only works whenever personal information is attached to your transaction. Bitcoin has actually eventually fixed this dilemma, by allowing 100% protected deals without affixing your private information. Today, Ny would like to mandate that customers continue being jeopardized, while technology has provided a remedy to identification theft.”

Voorhees’ issues appear to be backed up because of the federal government’s own figures. 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 home theft, combined.

In response on new legislation, ShapeShift is redirecting all site traffic from nyc to a new initiative: PleaseProtectConsumers.org and welcoming other electronic currency businesses to-do the same. The website provides a synopsis of this identity theft problem in the us and encourages brand new Yorkers to get hold of their associates and news outlets.

“Since ny has actually required dishonest and dangerous information assortment of users, we now have no option but to suspend service to this territory,” claimed Voorhees, “we hope various other jurisdictions is going to be less reckless using the private information of the residents. Eventually electronic commerce is safe, if perhaps regulators would allow it happen.”

*’Federal National Suffers Significant Hacking Combat,” http://www.omahasuntimes.com/2015/06/federal-government-suffers-massive-hacking-attack/

About ShapeShift.io

ShapeShift is exactly how electronic foreign exchange should work. From beginning to end users can transform electronic currencies in moments, with no account required. No e-mails or passwords. No lengthy sign­up process. No records. No bid and ask purchases. No friction. ShapeShift’s goal will be the fastest, best, and a lot of convenient option to trade electronic possessions. See more at: https://shapeshift.io/new.html