This report presents an analysis of public user complaints collected on the cryptocurrency forum Bits.media and the review platform Trustpilot. The research is based on documented incidents related to the operations of the automatic exchange service Swapuz. The analysis shows that the service systematically violates its own terms of service, uses fake AML/KYC procedures to block large sums, and practices selective scamming.

Endless AML/KYC Checks as a Fund-Withholding Mechanism

The vast majority of complaints boil down to the exchange blocking user funds under the pretext of conducting AML checks or requiring KYC (identity verification) procedures, after which it ceases all communication or drags the process out for years.

According to user Markises on the Bits.media forum, the so-called AML check on his transaction has been ongoing for three years without any explanation of reasons, status updates, or refund of funds. Link to the specific order: https://swapuz.com/order/mbx848c559a

According to Markises, after the incident gained public attention, the service refused to return the original assets (BTC or BNB specified in the order), claiming the amount was "fixed in USDT at the old rate", which is a gross violation of the exchange terms.

Numerous similar cases have been recorded on the Trustpilot platform:

• According to user Valerii, in December 2025, the exchange blocked a $100,000 cryptocurrency transaction (ID: mkcd5af203e). The user provided all requested evidence, but since February 10, 2026, the service has completely stopped responding to messages.

  

• According to user Ivan, when attempting to exchange 2,000 USDC, the transaction was blocked with a demand to pass KYC. The user refused to provide personal data and requested a refund, but support ignored his requests for several days.
• According to user Cool G, after sending 1 ETH to exchange for XMR, the service requested an ID, passport, social security number, photos, and a signature. After the user refused to provide such a large volume of data, Swapuz refused to return the funds, stating that the money was being held by their counterparty.

Manipulation of Rates, Fees, and Fake Reviews

In addition to the direct withholding of funds, the researcher uncovered a practice of deceiving users regarding the financial terms of the exchange and artificially inflating the service's reputation.

According to user Yaximu Hunt, positive reviews of the service on Trustpilot are written by the exchange's own employees (most accounts have only one review and are written using a template). In practice, as the user notes, Swapuz charges inflated fees (0.7% for float and 1.5% for fix rates) and manipulates the payout amounts: when the market rises, the user receives fewer coins than they should have, and when the market falls, the amount is still underestimated in favor of the exchange.

According to user Hiu Tuder, the service repeatedly blocked the creation of orders via the user's referral link to prevent them from using the promised fee discount. Ultimately, after a 4-day delay in fund withdrawals, the service unilaterally reset the user's fee to the default value.

Direct Accusations of Theft and Ignoring Obligations

The service deliberately targets large amounts and operations involving private cryptocurrencies (such as Monero - XMR), whose transactions are harder to trace on the blockchain.

According to user Justin L, the service stole the cryptocurrency he sent, which he planned to convert to Monero. The exchange stated that the transaction was completed, although the funds never reached the user's wallet. The user directly accuses Swapuz of using the untraceability of XMR to conceal theft.

According to user matKRK, during a large ETH-to-XMR exchange, the service blocked the transaction demanding KYC. The user refused to provide documents and requested a refund, but Swapuz refused to return the money without explanation.

According to user Msk, an exchange of 650 WAVES for USDT stalled at the "Withdrawal" status, and support ignored refund requests for several days.

According to user frank lam, the service completely stole his funds and stopped responding to messages, forcing the user to contact local law enforcement.

Official Position of Swapuz

It should be noted that official Swapuz representatives on Trustpilot respond to reviews with template messages. They express regret and ask users to "contact support directly with the transaction details." However, as evidenced by the analysis of the users' complaints themselves (e.g., Valerii, Markises, Msk), contacting support does not resolve the situation; it is merely an attempt by the exchange to simulate customer support on public platforms.

Conclusion

The analysis of the provided materials allows for an unequivocal conclusion: the cryptocurrency exchange Swapuz is systematically blocking crypto assets. Using the pretext of anti-money laundering (AML) and identification (KYC), the service blocks user funds for an indefinite period, often with a complete cessation of communication. This constitutes a violation of basic transparency principles, the withholding of funds without legal grounds, and the manipulation of fees. Using this service for any cryptocurrency operations poses a direct threat of the total loss of funds.