We watched 500 ETH vanish while Swapuz support gave contradictory excuses and changed their terms overnight. Here’s why we kicked them off our platform – and why you should avoid incompetent exchanges like this.
I’m not sugarcoating this. When an exchange holds half a million dollars in crypto hostage while their support team can’t coordinate their story, something’s seriously wrong. This is what happened when we at Swapzone tried helping a user get their frozen funds back from Swapuz.
The 500 ETH Disaster: Our Firsthand Experience With Swapuz
What Actually Happened
A user came to Swapzone to exchange BTC for XMR through Swapuz. Everything seemed fine. Swapuz’s automated AML system approved the transaction. They converted the Bitcoin to Monero and took their fees. Then something bizarre happened.
After their system approved everything, after they’d already converted the cryptocurrency, Swapuz manually intervened and froze the entire transaction. We’re talking about 500 ETH worth of value stuck for over a month while they conducted an “investigation.”
Their automated transaction scan said everything was fine. Then humans at Swapuz overrode their own technology and held the funds anyway. That’s when we knew this exchange was either completely incompetent or running a deliberate scam.
The Contradictory Excuses
When we contacted Swapuz support, we got responses from two different people using the same email. You’d think they’d coordinate their story about half a million dollars in frozen funds, right?
First excuse: “User accessed KYC from different IP addresses.” People use VPNs. People travel. That’s not fraud – that’s normal internet usage.
Second excuse: “Transaction connected to Bittrex through 2-3 hops.” Cryptocurrency moves through multiple addresses constantly. Finding a connection to a major exchange is completely expected.
Third excuse: “We found the address on a leaked private keys website.” They couldn’t show us this website. No documentation. No proof. Just silence when we asked.
Their own Shotgun KYC system approved everything initially. If there was really a problem with tainted coins or privacy concerns, their AML check should have caught it immediately. Instead, they flagged it after processing the exchange and taking their fees.
Why We Removed Them
We asked for official documentation. We requested clear reasoning. What we got was two support agents who couldn’t agree on basic facts, zero documentation, and an admission they have no actual competence to conduct fraud investigations.
Then they tried pressuring us about removing them as partners. Like keeping them in our system would make their incompetence disappear. That’s when we decided – any exchange that can’t coordinate a simple support response and holds user funds for over a month without legitimate cause doesn’t belong on our platform. We removed Swapuz immediately.
They Changed Their Terms Overnight (While We Were Talking)
This part will blow your mind. During our conversations about the frozen transaction, we referenced their refund policy. Both support agents acted confused. The old terms clearly stated: “If transaction doesn’t pass AML check, we simply do a refund.”
The next day, our team member Kristina noticed something. She’d taken screenshots of their Terms of Service on August 1st, 2023. When she checked during our ongoing dispute, the terms had changed completely. Swapuz literally rewrote their legal protections overnight.
New terms they added:
- “Average refund time: 1 to 7 business days”
- “If our trading account is restricted by a liquidity provider, refund may take indefinitely“
- “If exchange is suspected of fraud, we can suspend refund indefinitely until customer passes KYC”
Notice “indefinitely”? That means forever. They gave themselves legal cover to hold funds without any time limit. The phrase “suspected of fraud” is never defined. Different IP addresses? Suspected fraud. They can suspect anything they want.
This is what incompetent and untrustworthy exchanges do – build escape clauses that let them keep your money for any reason they invent.
The Pattern: How Swapuz Traps Users Every Time
The “No KYC” Bait-and-Switch
Swapuz markets itself as an anonymous exchange supporting DEFI, CEFI, and Web3 with 1500+ digital assets. They claim no registration needed. They accept Monero. Everything screams “we respect your anonymity.”
Here’s the scam: First, they promise anonymous, no-KYC exchanges. Second, you send your crypto. Third, they convert it and take fees (0.7% floating, 1.5% fixed). Fourth, they freeze everything and demand KYC requirement.
You’re trapped. Give up your privacy with personal data sharing, or lose your money entirely. The verification demand comes after you’ve committed your funds.
One Trustpilot user described it perfectly: “They are FRAUDSTERS! I had them GUARANTEE no KYC… 30 minutes after I sent the order, exchange halted for KYC.” This person specifically confirmed, using that exact word “guarantee,” that no verification would be needed. Thirty minutes later? KYC demand.
Multiple users report funds frozen 2+ weeks despite completing KYC. One person exchanging 2000 USDC had their transaction blocked with sudden documentation demands despite the anonymous service claims. This isn’t occasional incompetence – it’s systematic dishonesty.
Rate Manipulation That Costs You 10%
Swapuz lists official fees on BestChange (: 0.7% floating, 1.5% fixed. Sounds reasonable? Users consistently report receiving 10% less than the market rate.
Think about that. Exchanging $10,000 means $1,000 disappears. Customer support’s response to complaints about this rate fluctuation? “Cannot do anything about it.”
One user reported 650 WAVES exchanged for 1030.67 USDT stuck on “Withdrawal” for days. When it processed, the amount was significantly below promised market rates. Support blamed the liquidity provider and did nothing.
Another complaint reveals their strategy: “They calculate the rate however they want. If the market goes up they send less coins, if it goes down they send what they promised.” Translation – rate changes always favor Swapuz, never you. These hidden fees add up to systematic theft.
Withdrawal Hell and Frozen Funds
The frozen transaction problem extends far beyond our 500 ETH experience. You initiate an exchange. Everything processes smoothly. Then withdrawal status just… stops. Hours become weeks.
BestChange monitoring shows multiple complaints about slow withdrawal and delayed funds. One user reported funds frozen “for over two weeks after making two transactions instead of one.” Swapuz claimed their liquidity provider blocked it. The user completed every KYC verification. Still no resolution.
The AML/KYC policy operates as a convenient excuse for any delay. Transaction slow? AML check. Withdrawal stuck? KYC trigger system. Amount less than promised? Automated scan found something suspicious (never explained what).
What BestChange Monitoring Reveals About Swapuz
BestChange operates as an independent monitoring service tracking exchange performance. Their Swapuz page shows a pattern of negative reviews with specific, detailed complaints.
Users provide transaction IDs, exact amounts, timestamps – real evidence. Compare that to positive reviews on Trustpilot. The positive ones are generic, vague, from brand new accounts with one review. The negative ones include specifics: amounts lost, support excuses, proof provided.
BestChange complaints consistently mention: frozen funds requiring extensive verification, transactions halted with AML flags after conversion, impossible documentation requirements. When the same problems appear repeatedly across users over years, that’s not coincidence – that’s how they operate.
Spotting fake reviews:
- Brand new accounts with one review
- Generic praise without substance
- No transaction details or timeframes
- Posted in suspicious clusters
Real reviews include:
- Specific transaction details and amounts
- Actual process descriptions
- Support response documentation
- Evidence like screenshots
Swapuz’s poor reputation on BitcoinTalk feedback and Reddit shows similar patterns. Real users provide evidence. Fake accounts praise vaguely.
Red Flags You Can Spot Before Losing Money
Before sending crypto anywhere, check these warning signs:
| Red Flag | What It Means | Swapuz Example |
| Support contradictions | Can’t coordinate their story | Two agents, different excuses for same case |
| Terms change without notice | Building escape clauses | Overnight rewrite during active dispute |
| Automated approval then manual freeze | Keep funds after taking them | AML approved, then manual intervention |
| Anonymous but demands identity | Privacy claims are bait | “No registration” until money’s trapped |
| Withdrawal times balloon | Deliberately delaying access | Weeks instead of hours |
| Identical complaints across platforms | Systematic problems | BestChange, Reddit, Trustpilot all show same issues |
When this many “mistakes” consistently benefit the exchange, it’s not incompetence – it’s design.
What legitimate exchanges do differently:
- State KYC requirements upfront clearly
- Keep consistent terms with formal change notices
- No manual intervention after automated approval
- Withdrawal times match advertisements (minutes/hours, not weeks)
- Consistent support information across agents
- Actual regulatory oversight with visible licenses
- Transparent fees where costs match what’s advertised
Swapuz fails every standard. They’re legally registered in Ukraine per KYCnot.me, but registration doesn’t equal accountability. They require JavaScript and prohibit VPN usage, contradicting anonymous claims. Their data sharing includes “business partners or governmental bodies” – not privacy-focused.
Already Stuck? Take Action Now
If you’ve sent crypto to Swapuz and experiencing frozen funds or unexpected demands:
Document immediately:
- Screenshot all communications
- Record transaction IDs, amounts, timestamps, rates
- Archive their Terms of Service (use archive.org)
- Track all promises with dates and quotes
- Keep copies of KYC submissions
Report everywhere:
- BestChange complaint system
- Local financial authorities
- Trustpilot and review platforms
- Reddit crypto communities (r/CryptoCurrency)
- BitcoinTalk forums
Why report multiple places? Pattern recognition saves the next victim. Your complaint becomes evidence when people search “Swapuz scam” or “Swapuz frozen funds.”
Reality check: Getting money back is difficult. They operate in grey areas to avoid accountability. But documenting and reporting widely might pressure them and definitely warns others.
How to Protect Yourself Going Forward
Essential research before any exchange:
- Check BestChange monitoring first – review complaint history
- Read recent reviews (last 3-6 months) across platforms
- Search “[exchange name] + scam” and “+ frozen funds”
- Verify regulatory licenses (actual proof, not claims)
- Test with minimum amount first
- Check if terms changed recently (archive.org)
- Research the specific exchange, not just aggregators
Simple rules that save your crypto:
- Too-good promises definitely are – pick realistic expectations
- Start with tiny test amounts always
- Use established, regulated platforms for large amounts
- Trust your instincts immediately
- Never send more than you can afford to lose
- When support contradicts itself, stop
- Check BestChange before every exchange
These sound obvious, but people skip due diligence constantly. The rates look good. The site seems professional. Then funds freeze for a month.
Why This Matters Beyond Swapuz
Swapuz represents an entire category of incompetent or criminal exchanges operating in regulatory grey areas. The evidence against them is overwhelming:
- Our 500 ETH experience with contradictory excuses
- BestChange showing years of consistent complaints
- User allegations of lost money (20 ETH, entire Monero conversions)
- Overnight Terms changes documented with screenshots
- Support giving different stories about same case
- Systematic 10% rate manipulation beyond advertised fees
- Fake review campaigns across platforms
- KYC bait-and-switch promising anonymity then demanding verification
This isn’t circumstantial – it’s a pattern defining their operation.
Our commitment: We remove partners who fail standards immediately. When Swapuz couldn’t coordinate facts, changed terms during disputes, and held massive funds without cause, we cut ties. Your cryptocurrency matters more than business partnerships.
Your role: Share warnings. Report to BestChange, Trustpilot, Reddit. The more people know about their referral link manipulation, hidden fees, and poor reputation built on real losses, the fewer victims they claim.
Bottom line: Swapuz is either criminally incompetent or competently criminal. The 500 ETH hold with no explanation, overnight terms rewrite, contradictory support, and zero investigation capabilities made our choice clear.
We removed them. You should avoid them and watch for these red flags everywhere. Check BestChange before transactions. Start with test amounts. Trust instincts. In cryptocurrency, once funds are gone, they’re usually gone forever. Choose exchange partners as carefully as you’d choose anyone you trust with your money – because that’s exactly what you’re doing.
