Shapeshift alternatives after they implement KYC

Shapeshift used to be a very popular cryptocurrency exchange service that worked fast and easy – you could convert one cryptocurrency into another without creating any accounts.

Right now Shapeshift has introduced changes to their platform that involve a new account-based model, KYC (documents submission for memebers), a proprietary token FOX and a loyalty program.

ShapeShift Membership is a loyalty program

Benefits, depending on level, may include higher trading limits, rewards on trading volume, better pricing, private market and trade data, and early access to new coins, products and services

Shapeshift CEO is saying critics have no idea of the bigger picture, he had to do it, and he is being closely watched and can’t reveal all the details:

There has been a lot of criticism of this decision:

Clearly the plan is to incentivize people to submit their verification documents by both attracting them with loyalty program and restricting their unverified usage. No matter what the motivation behind this move, it’s an unpopular change.

Shapeshift.io alternative

For the users who do not wish to participate in the loyalty program nor register as memebers at Shapeshift and provide their government-issued IDs, there is a similar non-custodial exchange service: flyp.me

Right now flyp.me works in a similar way – you enter the destination wallet, send the cryptocurrency you’re exchanging and get the new coins to the address you have submitted.

Right now the exchange volume is not high, at ~3 BTC split over 38 transactions, but they’ve done a lot of volume in summer 2018 which means the platform is capable of substituting shapeshift.io:

flyp me btc volume of exchange

Similar services my emerge soon as it always happens when a major player adopts unacceptable behavior, but for now if you wish to convert and exchange coins using a non-custodial (i.e. not storing users’ funds) exchange you can use flyp.me.

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