KYC Comes to Shapeshift

Hopefully by now you’ve heard the news that Shapeshift has taken the step to implement full KYC. Yes, you will need to divulge personal details to verify your identity and trade on their platform.

This revelation comes as a huge disappointment to much of the crypto community. Shapeshift became a go-to for anybody looking to make a few quick trades without signing up for an account. Eric Voorheese was a notable figure at speaking against KYC requirements and cumbersome regulation in general. It goes against their original vision as a company. This unexpected turn was acknowledged by Eric:

“To some who have followed our history, it may seem a curious development; ShapeShift is known as ‘the exchange without accounts,’ a model we pioneered in order to reduce friction and protect customers”

Frustration is being felt by users who search for a new place to complete trades using an “instant” or “non-custodial” approach. ShapeShift.io set a trend and offered an excellent service but that doesn’t have to change simply because ShapeShift changed their policy; there are other options. You can still trade conveniently and anonymously!

You have to maneuver carefully, there are several exchange platforms utilizing “Shapeshift Technology” but not all of them are trustworthy. Even some of the the top competitors of ShapeShift have been know to selectively scam people. The have been known to hold crypto for hostage to randomly require KYC for “suspicious transactions”. Even after fulfilling the KYC requests, they can take months to release the coins, if ever. Their is not shortage of founded accusations and doing a quick Google or Reddit search will yield plenty of horror stories.

Switchain is a strong alternative to these other instant exchanges that require personal details or have a shady past. It will remain KYC free and has a positive history of fulfilling the needs of its users. Switchain is based in Singapore and enjoys a positive reputation. It also offers a variety of smaller coins and two different stablecoins (DAI and the ERC20 USDT). Protecting yourself against volatility is vital if you keep a portion of your wealth in crypto. Transactions are done anonymously and you will never need to make an account to trade.

Some wallet providers also allow you to trade cryptocurrency without the need to submit personal data. Exodus, Edge, and Oxis are all examples of wallets that allow you to exchange crypto without KYC.