What Actually Happened<\/strong><\/h3>\n\n\n\nA user came to Swapzone<\/a> to exchange BTC for XMR through Swapuz. Everything seemed fine. Swapuz’s automated AML system <\/strong>approved the transaction. They converted the Bitcoin to Monero and took their fees. Then something bizarre happened.<\/p>\n\n\n\nAfter their system approved everything, after they’d already converted the cryptocurrency, Swapuz manually intervened<\/strong> and froze the entire transaction. We’re talking about 500 ETH worth of value stuck for over a month while they conducted an “investigation.”<\/p>\n\n\n\nTheir 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.<\/p>\n\n\n\n
The Contradictory Excuses<\/strong><\/h3>\n\n\n\nWhen 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?<\/p>\n\n\n\n
First excuse: “User accessed KYC from different IP addresses.” People use VPNs. People travel. That’s not fraud – that’s normal internet usage.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Their own Shotgun KYC sy<\/strong>stem 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.<\/p>\n\n\n\nWhy We Removed Them<\/strong><\/h3>\n\n\n\n![\"\"](\"https:\/\/swapzone.io\/blog\/wp-content\/uploads\/2025\/10\/swapuz2-1024x576.png\")
<\/figure>\n\n\n\nWe 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<\/strong>.<\/p>\n\n\n\nThen 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.<\/p>\n\n\n\n
They Changed Their Terms Overnight (While We Were Talking)<\/strong><\/h2>\n\n\n\nThis 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.”<\/strong><\/p>\n\n\n\nThe 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.<\/p>\n\n\n\n
New terms they added:<\/strong><\/p>\n\n\n\n\n- “Average refund time: 1 to 7 business days”<\/li>\n\n\n\n
- “If our trading account is restricted by a liquidity provider<\/strong>, refund may take indefinitely<\/strong>“<\/li>\n\n\n\n
- “If exchange is suspected of fraud, we can suspend refund indefinitely<\/strong> until customer passes KYC”<\/li>\n<\/ul>\n\n\n\n
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.<\/p>\n\n\n\n
This is what incompetent and untrustworthy exchanges do – build escape clauses that let them keep your money for any reason they invent.<\/p>\n\n\n\n
The Pattern: How Swapuz Traps Users Every Time<\/strong><\/h2>\n\n\n\nThe “No KYC” Bait-and-Switch<\/strong><\/h3>\n\n\n\nSwapuz markets itself as an anonymous exchange<\/strong> supporting DEFI, CEFI, and Web3 with 1500+ digital assets. They claim no registration needed. They accept Monero. Everything screams “we respect your anonymity.”<\/p>\n\n\n\nHere’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<\/strong>.<\/p>\n\n\n\nYou’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.<\/p>\n\n\n\n
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.”<\/strong> This person specifically confirmed, using that exact word “guarantee,” that no verification would be needed. Thirty minutes later? KYC demand.<\/p>\n\n\n\nMultiple 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.<\/p>\n\n\n\n
Rate Manipulation That Costs You 10%<\/strong><\/h3>\n\n\n\n
After their system approved everything, after they’d already converted the cryptocurrency, Swapuz manually intervened<\/strong> and froze the entire transaction. We’re talking about 500 ETH worth of value stuck for over a month while they conducted an “investigation.”<\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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?<\/p>\n\n\n\n First excuse: “User accessed KYC from different IP addresses.” People use VPNs. People travel. That’s not fraud – that’s normal internet usage.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n Their own Shotgun KYC sy<\/strong>stem 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.<\/p>\n\n\n\n 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<\/strong>.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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.”<\/strong><\/p>\n\n\n\n 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.<\/p>\n\n\n\n New terms they added:<\/strong><\/p>\n\n\n\n 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.<\/p>\n\n\n\n This is what incompetent and untrustworthy exchanges do – build escape clauses that let them keep your money for any reason they invent.<\/p>\n\n\n\n Swapuz markets itself as an anonymous exchange<\/strong> supporting DEFI, CEFI, and Web3 with 1500+ digital assets. They claim no registration needed. They accept Monero. Everything screams “we respect your anonymity.”<\/p>\n\n\n\n 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<\/strong>.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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.”<\/strong> This person specifically confirmed, using that exact word “guarantee,” that no verification would be needed. Thirty minutes later? KYC demand.<\/p>\n\n\n\n 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.<\/p>\n\n\n\nThe Contradictory Excuses<\/strong><\/h3>\n\n\n\n
Why We Removed Them<\/strong><\/h3>\n\n\n\n
<\/figure>\n\n\n\nThey Changed Their Terms Overnight (While We Were Talking)<\/strong><\/h2>\n\n\n\n
\n
The Pattern: How Swapuz Traps Users Every Time<\/strong><\/h2>\n\n\n\n
The “No KYC” Bait-and-Switch<\/strong><\/h3>\n\n\n\n
Rate Manipulation That Costs You 10%<\/strong><\/h3>\n\n\n\n