ShapeShift.IO, the Bitcoin startup founded by CEO Erik Voorhees, has decided to suspend its services in the state of New York, saying the company is "not comfortable" with the new state law regulating cryptocurrency.

The final version of the BitLicense was recently released. Following the approval of the BitLicense – which many Bitcoiners consider to be castrating and based on outdated laws -, ShapeShift also released its new iOS cryptocurrency tranding app, the first of its kind that is compatible with Apple's software.

However, Voorhees' company is not happy with the regulation implemented by New York Superintendent of Financial Services Ben Lawsky. While the BitLicense supposedly aims to provide consumer protection for digital currencies, it also implies that Bitcoin companies must record some of its users' personal information, the exact opposite of what ShapeShift is trying to do.

The digital currency exchange, now equipped with an iOS app that allows its users to instantly exchange BTC and 34 other digital currencies, doesn't require users to create accounts or provide any personal information.

That is why ShapeShift decided to take a "moral and ethical stand" against the new state law and suspend its activity in New York. "We either would have to do something we're not comfortable with or leave New York," Voorhees told CNBC.