Swapgate

Swapgate is an instant swap aggregator — 150+ networks, XMR / BTC / ETH / USDT and a long altcoin tail. Non-custodial in the steady state (upstream-routed), no signup required for standard swaps (Registration exists but is optional). API v1 (no-auth) + API v2 (auth) for integrators. Real documentation (terms, privacy, AML, law-enforcement, FAQ, blog). Live chat + Telegram support. Widely used across the aggregator ecosystem.

Tenure. Earliest earliest web-archive snapshot 2021-12-26 — 4+ years of continuous operation. The mature tenure lifts Swapgate above the tenure-fresh C-default, but the category (AML-triggered instant-swap aggregator, per the operator's own published AML/KYC policy) sets the honest anchor at C: clean funds pass through, complicated on-chain history may not. Grade C here is the category rule, not a tenure penalty.

The two-postures shape. Swapgate is honest about the same shape other instant-swap engines have — the front page and a policy page each tell one half of the story. If you read both, the picture is coherent; if you read only one, you get a false impression.

Front-page pitch (/private-swaps). *"Swap crypto anonymously on a no-KYC, non-custodial exchange — no registration, no wallet tracking. 150+ networks, best rates, full privacy."* The page argues directly against mixers (calls its own model a "legally clean route") and against CEX (no account, no data) and DEX (disposable address breaks the on-chain link). Solid privacy argumentation for the routine-swap case.

AML policy (/docs/aml-policy). Full-scope AML program: 5AMLD-compliant (EU Fifth Anti-Money Laundering Directive), in-house AML officer, named Money Laundering Reporting Officer, Ongoing Monitoring of processed transactions, Customer Due Diligence, Enhanced Due Diligence on trigger, cooperation with government authorities "in cases established by law". The consent clause is explicit: *"By creating an order on the website, the Client confirms consent to the possibility of being subject to an AML/KYC review"*. If a review triggers, the crypto is *"held on balance"* during the check. AML/KYC procedures are carried out both by Swapgate's own AML officer AND by the liquidity provider's compliance layer.

Law-enforcement page (/docs/law-enforcement). Publicly documented process for LE agencies to request customer and transaction data. Not hidden, not obscured — the operator wants the process to be smooth on that side too.

What this means at the user level. Two modes explain what happens to any specific swap:

• Ordinary swap: goes through no-KYC as advertised. Disposable address, no registration, funds routed and delivered. This is the typical experience.
• AML/KYC-triggered swap: any transaction can be pulled into review under the ongoing-monitoring layer or the liquidity-provider's screening. Funds are held on balance during the check. Enhanced Due Diligence, potential document requests. Trigger criteria are not enumerated but the process is spelled out.

The critical distinction from operators that hide this shape: Swapgate publishes the policy in full and requires explicit consent at order creation. You are not surprised mid-flow. That's a real transparency-plus over aggregators that keep the AML pipeline unadvertised until it fires on a specific user.

Peer signal. Widely used across the aggregator layer; not a fresh listing. Mature documentation (API v1 + v2, blog going back to at least July 2024, established affiliate program) indicates real operator continuity. Not yet tracked by kyc.rip's chain-observation layer — no first-party settlement-timing data at listing time.

Reader advice. Suitable for routine swaps of clean-provenance funds where the front-page "no-KYC" claim will hold in practice. Not suitable for large amounts or funds specifically depositing to escape chain-analysis — the AML/KYC-review clause and fund-hold mechanism are real. Consent-at-order-creation is documented, so you cannot say you were not warned; the policy is on the site to read. If your amount matters and you want zero AML-review exposure, route via an atomic-swap engine (Haveno) or a self-custody P2P engine (Bisq, Bisq Easy, RoboSats) where no operator holds funds during the process.