In September this year, the ShapeShift CEO Eric Voorhees made it common knowledge that the platform is introducing membership, so anonymous trading will be unavailable. Back then registering an account was a mere option but it became obligatory as of October 1.
New policy explained
Eric Voorhees stated that there are several reasons behind the decision of accounts implementation. Among them is the increased number of users requesting features that are account-related (such as an ability to record the history of transactions), a growing interest in tokenization, etc.
The new policy of the exchange seems to have upset XMR enthusiasts. They used to buy this privacy-focused coin via ShapeShift but now this is impossible to do without having an account and submitting personal data.
MorphToken returns a hope to privacy lovers
Users of Reddit have expressed a common opinion that the shift in the policy of the ShapeShift has brought the whole idea of crypto down to nothing, now that the exchange obliges users to submit their personal details.
However, the solution seems to have presented itself. The current alternative for acquiring Monero on ShapeShift is MorphToken. It turns out that the area where this exchange is located is not covered by the regulators’ requirement regarding personal data submission. So it does not set up KYC rules to its customers or anything similar.
About the ‘miraculous’ exchange
MorphToken is a trading venue that accepts one coin and then outputs several letting users access them on the website of the exchange or via Cake Wallet.
The best part in this is that this exchange does not require users to set up accounts, so they can quickly trade numerous crypto assets.
Users there can send XMR and get back an equivalent in Bitcoin or send in some Litecoin and get some BTC and XMR in Areturn.
This alternative made ShapeShift users happy. Still, they are astonished at Voorhees’ decision that goes against the concept of decentralization.