Changelly

Changelly has operated since 2015 without a confirmed hack or major security breach. Its safety comes primarily from its non-custodial design: funds are never stored on Changelly servers — they move directly from your wallet to the recipient. This eliminates the main attack surface that has caused losses at custodial exchanges. Users should still verify wallet addresses carefully before confirming any swap, as transactions are irreversible.

For standard crypto-to-crypto swaps, Changelly does not require identity verification upfront. KYC is only triggered reactively when a transaction is flagged by automated AML monitoring for unusual patterns, large amounts, or connections to sanctioned addresses. At that point, Changelly uses SumSub to collect government ID. Fiat purchases always require KYC. Most users swap without providing personal information, but funds can be frozen pending verification if flagged.

No. Changelly is explicitly non-custodial: it does not maintain user accounts with balances, does not operate exchange hot or cold wallets holding your assets, and cannot be hacked for stored user funds in the traditional sense. When you initiate a swap, you send crypto directly from your wallet and Changelly routes it to the destination address through its liquidity providers.

Changelly's AML system automatically flags transactions that match suspicious patterns. If your swap is held, Changelly will request KYC documents via SumSub. User complaints indicate this process can be slow and sometimes results in extended fund delays. Changelly's terms reserve the right to freeze transactions indefinitely pending compliance review. If KYC is not completed, funds may be returned to the originating address minus fees.

Changelly operates through Marella LLC, incorporated in Saint Vincent and the Grenadines — a jurisdiction with minimal crypto regulatory oversight. It holds no formal license from the FCA (UK), SEC (US), or EU MiCA authorities. The FCA has issued a warning listing Changelly as an unauthorised firm in the UK. Changelly voluntarily follows FATF AML guidelines and GDPR data standards, but users have no recourse to financial ombudsman services if problems arise.