KYC and custody: no account for most swaps, two different custody models

Custody model

one model

1. Your walletyou hold the keys
2. Routed swapone order ID, one time-bounded transaction
3. Your walletfunds arrive directly

two models

Standard swap

1. Your walletyou hold the keys
2. Standard swapnon-custodial, no account
3. Your walletfunds arrive directly

Optional: ChangeNOW Pro, account required

1. Depositfrom your wallet
2. Pro balancecustodial: the platform holds funds
3. Convert or transferinternally
4. Withdrawback to your wallet

SimpleSwap: one model

• No long-term user balances.
• Crypto leaves your wallet, is converted in one time-bounded transaction and lands in your wallet.
• Nothing to fund before the swap, nothing to withdraw after it.
• The relationship starts and ends with one order ID.

ChangeNOW: two models

• Standard swaps use the same non-custodial flow.
• ChangeNOW Pro is account-based: deposit, hold, convert internally, withdraw later.
• Pro unlocks cashback and account tools.
• It brings back the custodial relationship a wallet-to-wallet swap removes.

Boring is the highest compliment you can pay infrastructure. Boring means it worked.

• Want a stored balance and internal transfers? ChangeNOW Pro provides them.
• Want every swap to carry the same risk profile, with nothing parked on a platform between trades? SimpleSwap does that by default, with no mode to choose.

Account and verification are two different things

Opening an account and passing KYC are separate steps. Either service can involve one without the other.

Feature
Account for a standard crypto-to-crypto swap	Not needed for most swaps	Not needed for standard swaps
Optional account	Customer Account: loyalty, price alerts, exchange history, address book, Address Check	ChangeNOW Pro: stored balance, internal conversion, cashback and account tools
Verification (KYC)	Fiat purchases through partners; optional one-time verification at registration; may be required for transaction security and compliance	Mandatory for users in certain regions under its September 2026 Terms; may be requested under its risk controls
Funds held on the platform	None: no long-term user balances	Only in ChangeNOW Pro, for users who opt in

When KYC can apply

Self-custodial does not mean verification-free on either platform. Both screen transactions, and both may ask for verification when a transaction falls into a compliance scenario.

SimpleSwap

• Fiat purchases through payment partners.
• Optional one-time verification at registration.
• May be required for transaction security and compliance.
• A swap can be paused if screening needs a closer look.

ChangeNOW

• Standard swaps: no account needed.
• Mandatory KYC for users in certain regions under its September 2026 Terms.
• AML/KYC checks may be requested in other cases under its risk controls.
• ChangeNOW Pro requires an account by design.

What stays your responsibility

Self-custody on either service means shared responsibility. These four steps are always yours.

1. Receiving addressCheck it character by character before you confirm.
2. NetworkSend and receive on the network the order shows.
3. Seed phrase and keysKeep them private. Neither service will ever ask for them.
4. FinalityNo swap service can reverse a confirmed blockchain transaction.

Address screening

Both services let you check a wallet address before you send funds to it.

Feature
Address screening tool	Address Check	AML Address Check
Where it lives	Customer Account	App and ChangeNOW Pro
Transaction screening	Yes; a swap can be paused for review	Yes; checks under its risk controls

• SimpleSwap's Address Check screens a wallet through third-party analytics services and returns a risk level with the connections it finds.
• It is not a guarantee. It may not catch every issue and doesn't replace your own address and network checks.
• What it adds: context about the counterparty before any funds move.

Legal documents. SimpleSwap: Terms of Service, Privacy Policy, Anti-Financial Crime and KYC Policy. ChangeNOW: Terms of Use.

Both list jurisdictional restrictions, so check them before your first swap.