Crypto Wallet Swap feature WARNING!
Many crypto wallets like Ledger, Exodus, etc. use Changelly (3rd-party service) to do the crypto swaps in the wallet. In some instances, Changelly freezes your crypto and requires KYC. Some users have to wait months to get their crypto back. Also Changelly has their own website where people can register to do the swap directly. But it appears there are complaints from both, people doing swaps directly on Changelly website, and those doing swaps inside their wallets like exodus and ledger.
Most complaints say they completed a swap inside their wallet — their old crypto leaves, but the new crypto never arrives. They submit a ticket to the wallet support, and after a few days they receive a reply stating that they have to work with Changelly and provide KYC. So the wallets (like ledger/exodus), don’t seem to have any type of notifications when this happens, you just have to assume that if your crypto didn’t arrive for a long time, it’s probably because it’s frozen due to KYC requirements.
My suggestion is not to use your wallet’s built in swap feature to trade crypto, but instead send you crypto to a centralized exchange and trade it there. Changelly website says it doesn’t require KYC for every user. But only when their algorithm identifies risky activity. So I think if you’re doing small amounts you will be fine, but for larger amounts it is definitely risky. Their KYC requirements are pretty demanding — proof of funds, receipts, screenshots, banks statements…. See below for some of the complaints I found online:
https://changelly.com/faq/changelly/kyc-and-security
We rarely ask our users to pass the KYC procedure. However, if our risk-scoring algorithm identifies any risk-scoring activity, we will ask you to provide us with some verification info. Our system flags these transactions when:
- Users create multiple accounts using disposable emails
- Users try to cheat us during the KYC procedure
- We detect mixers and/or black market wallet addresses and more.
If The exchange was initiated via our API partners/Changelly app (unregistered user): Your transaction will be put on hold, and you will have to contact compliance@changelly.com. We will then send you a link that you can use to pass KYC.
The Documents You Need to Pass KYC:
- Your ID. Send us a high-quality photo of your personal identity document. It has to be valid in your country.
- A picture of you holding your ID. To ensure that you’re the rightful owner of your ID, we require you to take a picture (or a video) of your face next to the ID you are sending to us.
- Proof of source of funds. You might be requested to prove the origin of your funds. In this case, you will have to explain how you obtained them and attach corresponding documents or screenshots. It can be one of the following:
- Receipts from cryptocurrency sellers
- Bank statements
- Screenshot from an exchange/trading platform, and so on
https://www.reddit.com/r/ledgerwallet/comments/16qtrvd/avoid_changelly_at_all_costs_not_releasing_16k/
9/24/23
r/ledgerwallet
Medical_Extent_3886
Avoid Changelly at all costs. Not releasing 16k worth of LTC
I was using Ledger’s swap function without thinking too much,it worked always, except that today $16k worth of LTC tried to go through. The transaction was flagged, and now they are demanding to do KYC. As any other normal exchange, you could just refuse the endless headache of providing docs and proof of funds, but Changelly literally acts like I am talking to bots. CTRL C + CTRL V messages, their response is that they will hold the coins indefinitely until I finish KYC. I feel like I have no other choice than to give up my privacy, but after reading countless horror stories, probably it will be not satisfying enough for them, and I can start the back and forth of months of messaging in hope that they release my coins.
If you ever wanna exchange coins, do not even think about trying to use Changelly.
https://www.reddit.com/r/ExodusWallet/s/L2ikjTxaA8
8/22/23
r/ExodusWallet
Whole-Distribution97
Watch out for Changelly (EXODUS wallet third party) – they won’t give me my 10 000$ back!
My transaction from 11th Nov 2022 is failed and i can’t do anything with my money (10 000$! it’s a lot for me). Exodus keeps telling me that it is a third party company (Changelly) that is responsible for this transaction. I wanted to swap my money from ETH to XMR. The transaction is failed, even though I’ve completed the KYC/AML and sent all the documents Changelly needs. I know that Changelly is responsible for the crypto money swaps but EXODUS is cooperating with them. But still, Exodus has an opinion of one of the safest crypto wallets so I hoped that they would care about their customers. When I told them about this situation they told me to reach out to Changelly support team. The Changelly support team is keeping me hanging. When I kept asking Exodus to help me they told me that my messages about this case won’t receive a response. For me it looks like Exodus is washing their hands of this case and is using Changelly as an excuse. They don’t care about their customers and are working with a big scam company. I really had a friendly attitude and I was really patient with this situation. But now I have been waiting for almost two months and it’s just too much for me. My lawyer is writing a lawsuit rn. Someone has to take responsibility.
https://www.reddit.com/r/ExodusWallet/s/Eo2MVLOui2
5/5/23
r/ExodusWallet
Scrappyjaffar
Asking me for KYC on a SWAP!?!
General Question (Exodus)
I tried to exchange $4500 worth of bitcoin to usdt, and I got an email from changelly asking me to send kyc information. I dont want to do that, that was the main point why I used exodus in the first place (to not have to do kyc). Can I just get my Bitcoin back!!!
https://www.reddit.com/r/ledgerwallet/s/GCF6wYXm9R
https://www.reddit.com/r/ExodusWallet/s/sogz4toaDG
https://www.reddit.com/r/ledgerwallet/s/RK7k75LCnP
1/13/24
r/ledgerwallet
No-Fondant-2578
CHANGELLY SWAPPING SCAM 2023 (EXODUS APP)
In my opinion, I was scammed by Changelly and Exodus of around 1.2494 ETH (Ethereum).
I wanted to exchange my ETH (Ethereum) for XMR (Monero).
The status in the Exodus app was “Pending” for a week and then “Failed”.
After just 2–3 days of “pending” I wrote Exodus Support. Exodus Support said I should contact Changelly. So I did.
After I contacted Changelly, the whole spectacle began.
I have to pass a KYC verification. I Agreed. I have fully verified myself everywhere with my personal details and official identification documents.
Then they wanted a proof of the origin of the money. I sent them screenshots of my sale ad and the chat between the buyer and me.
It’s been saying “Your case is currently being processed” for 3 weeks now.
All emails from me are rejected with standard replies.
https://www.reddit.com/r/ledgerwallet/comments/15i0fze/changellys_unresolved_kyc_and_refund_issue/
8/4/23
r/ledgerwallet
AlarmedAd6977
Changelly’s Unresolved KYC and Refund Issue
https://support.ledger.com/article/4404381458065-zd
Ledger Docs
SWAP CRYPTO WITH CHANGELLY
March 12, 2024
Since the swapping service is offered through our third-party partner Changelly, please reach out to Changelly Support with your Swap ID if you have any questions. Make sure to check whether your question is answered in Changelly’s help center.
As a regulated third-party, Changelly can put your transaction on hold and require a KYC check.
https://www.exodus.com/support/en/articles/8598630-how-do-i-swap-crypto-in-exodus-swap
What is Exodus Swap?
You can swap one crypto for another using the in-app swap in Exodus.
Swap services are available through third-party API providers. You can swap 200+ assets across multiple networks with low rates.
Your crypto is sent from your self-custody Exodus wallet to a third-party swap API provider, which then sends your new crypto back.
https://web.archive.org/web/20250128200030/http:/web.archive.org/screenshot/https:/cryptonews.net/news/market/17956253
Ledger Partners Changelly and Wyre Allegedly Freeze User Funds for ‘No Reason’
19 December 2022
Large Transactions Allegedly Frozen
https://coinstats.app/news/9215c0243f7917dbaee9c7cd3ca0b54783ffe86aac1e60fce44ea015872034fb_Changelly-Withholds-Customer-Funds%2C-Faces-Scam-Accusations
February 2024
Changelly Withholds Customer Funds, Faces Scam Accusations
Changelly, the non-custodial instant cryptocurrency exchange, faces fresh accusations of scam operating. According to one user who narrated his unfortunate experience on Reddit, the exchange has withheld $5,000 of his funds since August 2023. His multiple efforts to retrieve his hard-earned money have yielded no results.
However, while such negative reviews exist, they do not form a majority. Most major websites classify Changelly as a safe platform.
https://bitcointalk.org/index.php?topic=5446925.0
Changelly Holds Coin Ransom without KYC, Will Not Return to Sender
March 30, 2023
Just wanted to state that I have been a long time exchanger on Changelly but as of today I can no more. First, they do require KYC but it isn’t obvious, and for those of us who have used Changelly wouldn’t suspect it any differently. I decided to exchange 1.4 XMR -> BTC but then my exchange was placed on hold until KYC was provided.
https://beincrypto.com/learn/changelly-review
Changelly Review 2024: Still an Easy Option To Trade Crypto?
11 October 2023
Some of Changelly’s partners include Binance, Coinomi, Trezor, Exodus, and many other notable names in the industry. Konstantin Gladych, who also happens to be the CEO of Atomic Wallet, a popular hot wallet, co-founded Changelly.
Its competitors include MoonPay, ChangeNOW, and Simplex, which are also instant exchanges. Most of Changelly’s competitors, such as MoonPay, ChangeNOW, or Simplex, do require some level of KYC.
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According to Exodus they use the following Swap service providers:
Cryptocurrency exchanges (for token-to-token exchanges), such as 1inch (1inch.io), Aeroswap (aeroswap.io), ChangeHero (changehero.io), Changelly (changelly.com), Changenow (changenow.io), Cripto InterCambio (criptointercambio.com), Jupiter (jup.io), LetsExchange (letsexchange.io), n.Exchange (n.Exchange), Ramp Swaps, Ltd. (ramp.network), and Switchain (switchain.com);
https://www.exodus.com/legal/exodus-tos-20240219-v29.pdf
Prophetic Money