The Wall Street Journal's research showed that the Shapeshift exchange was a medium for money laundering. The Wall Street Journal officials, who are based in Switzerland and who recently made an investigation on the stock market by announcing an anonymous Bitcoin and crypto money transaction, said that about $ 9 million of money has been cleared through Shapeshift over the past two years.
Although the stock exchange has been registered and licensed in Switzerland, many key employees, especially the company's founder, Eric Voorhees, are living in the United States.
Since 2014, many criminals have reportedly stopped by Shapeshift for money laundering, and it was revealed that a North Korean offender was also laundering his money via Monero through Shapeshift.
Many crypto money exchanges have taken a variety of information from their clients to prevent money laundering and closely monitored their money transfers. Voorhees said:
”It seems to me that people do not need to open their identity to detect a criminal incident.”
Veraica McGregor, the legal adviser of ShapeShift who made statements on the subject, said that Shapeshift had banned these accounts and said:
Uk We had previously identified and blocked these accounts. Eric Voorhees's views on this issue are individual and differentiate with the company's policy. This will be a more rational approach to address this issue.