KYC & AML

The crypto market is subject to a number of certain rules and regulations which make it mandatory for most crypto services to have the AML/KYC procedure implemented.

LetsSwap.io strives to protect our clients from any type of scams and fraudulent activities in the crypto world and complies to all rules and regulations present at the moment, and one of the ways that enables us to do so is the KYC/AML procedure.

This procedure confirms the absolute legality of the transaction carried out by you before the regulatory institutions. Thus, you confirm that you are a law-abiding citizen and the state has no reason to address any claims towards you.

1. KYC/AML procedure

We may collect personal identification information from Users in a variety of ways, including, but not limited to, when Users visit our site and in connection with other activities, services, features or resources we make available on our Site. Users may be asked for, as appropriate, email address. Users may, however, visit our Site anonymously. We will collect personal identification information from Users only if they voluntarily submit such information to us. Users can always refuse to supply personally identification information, except that it may prevent them from engaging in certain Site related activities.

2. Non-personal identification information

LetsSwap.io’s AML/KYC procedure is supported by an automated risk prevention system. If a transaction is marked suspicious by this system, the exchange is put on hold and the customer in question is then asked to confirm their identity.

There is a certain set of criteria that the system employs; however, they can’t be made public, otherwise there will be people who will try to abuse those criteria in order to cheat the algorithm.

This system has proven to be very useful against money launderers and scammers, since the KYC process allows us to tell an honest customer apart from a scammer very quickly and without any trouble.

Each KYC case is handled individually. If a certain client is eligible for the procedure since their transaction had been marked as suspicious, they will have a special status update on the exchange page along with a Verify button; the button will lead to our KYC provider SumSub’s verification tool.

LetsSwap.io is partnered with a KYC provider called SumSub. In order to get your identity verified, you will be offered to follow SumSub’s link (it will be under the Verify button) and complete the verification through a comfortable and smooth UI. You will have 3 days to complete the verification procedure, and if you don’t want to pass KYC, you can refuse (in that case, please shoot a message to support@letsswap.io) and receive a refund.

After LetsSwap.io has received the confirmation of you having passed the KYC procedure from SumSub, the exchange is completed, and the exchanged funds are then sent to the specified recipient wallet address.

We do everything in our power to maintain our reputation as a legitimate, law-abiding exchange service that can be safe for use by anyone, be it a regular person who doesn’t deal with crypto much or an experienced trader or miner; therefore, LetsSwap.io reserves the right to apply the KYC/AML procedure to certain clients, wallet addresses and select assets.

LetsSwap.io doesn’t support any money-laundering or other illegal activities; therefore, the service doesn’t enter any business agreements with individuals or business entities involved or suspected in such activities. Therefore, if a customer’s funds are suspected of illegal activities, the KYC procedure will be a little different – in that case, our support team will let you know.

In case a client doesn’t wish to disclose their identity for certain reasons and refuses to provide the documents, the KYC/AML procedure is considered failed and the deposited funds are then refunded to the address (or addresses) the deposit was made from, subtracting the network fees, within 24 hours. Then, LetsSwap.io reserves the right to blacklist this address (or addresses), thus rendering it (or them) non-eligible for making deposits on the service.

In case a client submits a false set of documents, the KYC/AML procedure is considered failed and the deposited funds are then refunded to the address (or addresses) the deposit was made from, subtracting the network fees, within 24 hours. Then, LetsSwap.io reserves the right to blacklist this address (or addresses), thus rendering it (or them) non-eligible for making deposits on the service.

Please bear in mind that LetsSwap.io reserves the right to submit all the received materials to legal authorities (Interpol, Europol, and others) in case a corresponding request is received.

3. Law Enforcement

If you’re the victim of theft and you suspect that stolen funds have been transferred to a LetsSwap.io deposit address, you must open a support ticket and provide us with the following information:

  • A detailed description of how and when the theft happened.
  • A list of all the blockchain transactions and addresses involved in the process (with clickable links).
  • The Information about the initiated proceedings with the local or international Law Enforcement.

If there is substantial evidence that suggests the funds were indeed stolen, LetsSwap.io will do its best to temporarily freeze the assets. During the process, the police or Law Enforcement must provide us with a report on the ongoing case within 14 days after you submitted a support ticket.

Kindly note that we will be able to return frozen funds only per request of a Law Enforcement Authority. The request should have a clear intent to return the funds and have the information about the transaction in question.

Please send a digital copy of the request to compliance@letsswap.io.

Please note that the transaction might be stopped after the trading stage, depending on the time the report about stolen funds was received. In such cases, we will be able to return the funds in the asset to which the exchange was made (to-currency).