SimpleSwap.io [Red Flag] 3 Weeks holding Custody of my Ethereum!!

[zeleCrypto1]

Hi all!

This post regards my recent experience with SimpleSwap.io ⛔️⚠️!!

TLDR; I try exchange my ETH about €8,000.00 for ZCash Privacy Coin. And SimpleSwap.io now holding my Ethereum custody and try force me to KYC/Signup after they failed swap ETH->ZEC, and even after I verify them my crypto address/proof of exchange!!


...

So, swap failed hours later. And when I checked this I was given signup prompt for their service!?!?

** Now, I have used this SimpleSwap.io site for actually months already!! Same exact transfer Ethereum to ZEC (but each time of course not exact same amount, just Ethereum to ZEC).. and usually auto complete transfer in under 1 hour 🤷‍♀️ **

So, of course this strange behavior, I contact SimpleSwap.io via email for support..

They told me swap failed and ask me to provide Exchange ID, my public wallet address (to/from)..
..And OK sure, I did this to verify it was ME and MY money. Fine. Reasonably so..

But then after this back and forth they told me "invite" me to "sign up" for their KYC for verification.. Huh??!?! 🤨

I said, no. This makes no sense. Even their site says free of signup (not required) and private. And said, forget the failed swap for ZEC and to return my money!

Afterward they change their language, and they have "required" that I sign up for their service!! Going through their KYC program!!?? Just to return me my own money!!??!?! (I assure them I DO NOT want to Swap with them anymore. And repeat them to return my money in over 10 emails now!)

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I have said "no" and "return my money now" SINCE LATE JANUARY!! 😖

I spoke with "[email protected]" and "[email protected]" directly..

All my asks to send back my money have been met with turn-arounds, ignoring, and indirect answers as to why. They kept on "verification reasons" and send me links for their KYC.

I DO NOT TRUST these SimpleSwap.io people or service. Why would I KYC?? And makes no sense!?? And they go against their own website main page claims of their supposed to be service!!??

...

Sigh!

If you look at simpleswap.io.. even their main page!! says "custody free". And main page also "free from sign-up, limitations, and complications"

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Further below on main page: "Privacy. Sign-up is not required. SimpleSwap provides cryptocurrency exchange without registration." and "Non-Custodial. Crypto is sent directly to your wallet, we don’t store it on our service."

.. Sigh..


I must keep continue to fight them on this. It's not 100 euros or something to look past. It's so much Ethereum!!
(Although I imagine others have lost way more, I know! But for me this is a blow!! 😖😪)

At least be warned to everyone! And thank you to the forum for allowing me to get my message out on SimpleSwap.io here! 🙏

->> What would you all do? Any advice? I will keep getting message out elsewhere too. And I will keep emailing them for my money they never swapped/exchange and have custody of now..

.. KYC after already verifying my tried exchange for ZCASH and wallet proof.. simply to return my money..? I think seems so irrelevant! And the overall theme now is shady to me! I do not trust SimpleSwap.io with my personal details because of this! 🤷‍♀️

Thx again to all reading! 👋

[examplens]

I'm sorry that this is happening to you, but you should avoid KYC exchangers because they can stop any transaction and ask for your data at any time. An even worse thing is that they don't return the funds but freeze them.

And there is a rules on their website

If you disagree with any provision of this policy, or are unable or unwilling to comply with our KYC requirements set below, you should not use our services.

4.2. SimpleSwap may at its discretion require clients to complete mandatory KYC checks on any transaction.

https://simpleswap.io/aml-kyc

I know it's not comforting for you, but anyone who wants a certain privacy should avoid such exchange services.

[zeleCrypto1]

Thx for your input here, @examplens!

Yes I see this now!

"SimpleSwap reserves the right to temporarily freeze any transaction if deemed necessary for the duration of an investigation or client checks."

So much conflict with their main-page advertisements of: "Non-custodial. Crypto is sent directly to your wallet, we don’t store it on our service." << which is false. They do still have custody of my ETH over 3 weeks now 

I will keep fighting.

From the back and forth with these people. I do not have any trust for them with my personal information. Right now they still holding my money even though I ask over dozen times to return my money and forget the swap.

Sigh..

Agree as well to AVOID any swap service with KYC in "fine print"

Any ideas? I keep shouting the word out of my experience so others can avoid SimpleSwap.io and make same mistake. It's crazy not to return funds because I don't want to do their KYC service. Feels blackmailing for my personal private information!!

[zeleCrypto1]

But I must notice now they update their KYC terms afterward! You see it was update Feb 2 2024.. After they "freeze" my THOUSANDS in late January! Now in custody!

Before recent update.. their AML/KYC terms did not use same language.

Before this SimpleSwap.io AML/KYC different all the way back in 2022!! 🤨

[examplens]

But I must notice now they update their KYC terms afterward! You see it was update Feb 2 2024.. After they "freeze" my THOUSANDS in late January! Now in custody!

Before recent update.. their AML/KYC terms did not use same language.

Before this SimpleSwap.io AML/KYC different all the way back in 2022!! 🤨

I saw that they had updated their TOS in the meantime. It is entirely possible that your case influenced that change.
You could probably investigate through the web archive how it looked before, maybe you will come across some of their attempts to cover up the facts.
They (nor any service) should not change the terms of business while the process is in progress. So either before or after.

[zeleCrypto1]

Thanks again for reply!

Actually I take screen shots and I have this information save, THANKFULLY!!!

I continue talking to SimpleSwap in email (now over 1 month!)..

We will see..

But of course I must probably continue to make my case public. I will organize comparison of "TOS" Terms of Service in addition..!

Thx for your support and time again! :]

[Cryptsafe]

Thanks for this update. I saw a post about this swap elsewhere and I was planning to use the swap and here I am seeing this complaint against them. I have no idea what brought me here possibly it brought me here to see this post and funny enough it is about the swap I was planning to use soonest. I think I would do away with this swap for the time being and never to dare attempt them.

It is nice you put up this post for all to see.  Any one who sees this would take caution and not to make any silly mistake which would cost them their assets.