ShapeShift Delisted Monero and ZCash Without Notifying Users
The ShapeShift trading platform delisted the Monero (XMR) and ZCash (ZEC) cryptocurrencies without posting any messages in connection with its decision. In addition, Dash received the status “temporarily unavailable”.
According to user observations, these cryptocurrencies were presented for trading on ShapeShift a few weeks ago, but now they cannot be found in the list of available assets. XMR and ZEC differ from most other assets in the crypto market in that they offer their users increased privacy options..
ZCash has been available for exchange for ShapeShift since October 2016, that is, since the launch of the blockchain. ShapeShift CEO Eric Voorhees said at the time that ZCash “delivers on the early promises of Bitcoin technology to conduct free and private transactions with anyone in the world.” “This protects the right to privacy, which belongs to all the inhabitants of the earth, and opens up new use cases, the implementation of which is impossible without truly confidential transactions,” he said..
Changes in the past four years have meant that ShapeShift is no longer ready to defend its users’ privacy rights. The US Department of Justice explicitly stated in October that it considers the use of private cryptocurrencies as one of the signs of a possible illegal activity. Coinbase CEO Brian Armstrong also recently reported that there is no direct ban on the listing of private cryptocurrencies, but unofficially the authorities do not recommend adding them, in order to avoid problems in the future..
Voorhees said they made the decision to delist Monero a few months ago, but he is currently unable to disclose the reasons. Curiously, ShapeShift stopped supporting Monero once before, but brought it back in August 2019.
In September 2018, ShapeShift announced that it was abandoning the “no account exchange” model and establishing mandatory user verification.