letsexchange
grade D
Privacy-first swaps for 5,600+ coins. Supports XMR, ZEC, and more. No account needed. Fast, cross-chain, and non-custodial.
grade D
What the documents mean for you
LetsExchange can demand ID and source-of-funds documents at any time and block or cancel any transaction. Third-party providers run the swaps, hold your coins and can freeze them. It logs your IP and hands data to authorities. Many countries are barred.
There is no routine identity check to start a swap, but the KYC/AML Policy lets the Company run a KYC verification on any user at its sole discretion at any time, and its third-party providers screen every exchange with Know-Your-Transaction monitoring. A failed or refused check leads to suspended access and frozen exchange transactions, which is shotgun KYC rather than mandatory KYC.
LetsExchange can start an identity check whenever it wants, and its exchange providers can demand one when their monitoring flags your transaction as unusual, high-risk, involving untraceable coins, or above FATF thresholds. It asks for government ID, proof of address and source-of-funds documents, with extra papers such as bank statements and tax returns for people it treats as high risk. If you refuse or they cannot verify you, they suspend your access and the third-party provider suspends, terminates or freezes your exchange; where they suspect money laundering, the provider freezes the funds and files a suspicious activity report.
Warnings
If you do not give the documents LetsExchange asks for, it can suspend the service and your access to it. It can also deny service in any location where verification is incomplete.
Providers only accept transparent addresses for coins such as Zcash, Firo, Dash, PIVX and Komodo. Coins sent from shielded addresses are not credited, cannot be returned, and are treated as gone for good.
The exchange providers can suspend, terminate or freeze your transaction for any length of time if their monitoring flags it, if you refuse verification, or if a government authority orders it. When a refund does happen, you pay the network fee.
For users it treats as high risk, including politically exposed persons, the company asks for extra documents such as bank statements, tax returns and property records, runs adverse media searches, and reviews the customer again each year.
By using the site you consent to your personal information being processed and transferred to the U.S. and other countries whose privacy laws differ from those where you live.
Third-party advertising cookies record that you visited the site and this information may be shared with advertisers, so you may see LetsExchange ads on other websites.
Residents and citizens of the United States, the European Union, the United Kingdom and a long list of sanctioned countries may not use the service, and access can be refused based on your IP address.
How the score was reached
Privacy34/100
Trust62/100
Overall = (privacy × 0.6 + trust × 0.4) / 10, rounded = 5/10, grade D. Each attribute above rests on a clause quoted below or was assigned by a moderator; the rest is what the listing knows.
Attributes13 moved the score
May require KYC/SOF by policy/lawprivacy -6 · trust -4
The service may require identity verification, KYC or Source of Funds information, by its own policy or by law, at any time.
The KYC/AML Policy lets the Company demand identity documents and source of funds from any user, and to repeat the request even after an earlier check.
“The Company's KYC verification procedure requires the users to provide the Company with reliable, independent source documents, data or information (e.g., national ID, international passport, bank statement, utility bill, source of funds, etc.)”
https://letsexchange.io/kyc-aml
KYC depends on partnersprivacy -5
The service routes through partner providers whose KYC policies vary. The actual experience depends on which partner is used.
Each exchange provider applies its own AML/KYC rules, so what you face depends on which provider handles your swap.
“Cooperation with third-party partners is subject to the terms and conditions of each third-party partner. To the extent all third-party partners have policies including the AML/KYC policies that differ from this Policy, you may be required to agree to their terms”
https://letsexchange.io/kyc-aml
Service termination policytrust -4
The provider can terminate access at any time, without notice, at its discretion.
LetsExchange keeps the right to block users at any time on its own judgement.
“In order to protect the integrity of the Website, LetsExchange reserves the right at any time in its sole discretion to block users who violate this Agreement.”
https://letsexchange.io/terms-of-use
Data sharingprivacy -3
Personal data may be shared with authorities or third-party providers for compliance.
Personal information is passed to the exchange providers for compliance purposes, and the Privacy Policy allows disclosure to third parties on legal or governmental request.
“The Company may be required to verify user information at the request of the third-party partners, and users agree that their personal information may be shared with these third-party partners solely for the purpose of facilitating transactions or ensuring compliance with the applicable laws”
https://letsexchange.io/kyc-aml
Liquidity provider may block fundsprivacy -1 · trust -1
Even if the service itself is permissive, the upstream liquidity provider can independently freeze funds and demand KYC or Source of Funds.
The providers that actually execute the swaps can freeze a transaction on their own decision, including when the user refuses KYC or cannot be verified.
“Our third-party partners reserve the right, at their sole discretion, to suspend, terminate or freeze your exchange transactions for any period of time, in the event (list is not exhaustive):”
https://letsexchange.io/kyc-aml
Transaction monitoringprivacy -1
Deposits are analysed for blacklisted or high-risk sources; flagged ones need verification.
The exchange providers screen transactions for suspicious patterns, including requests to swap untraceable coins and transfers above FATF thresholds.
“Our third-party partners use transaction verification and employ systems to monitor transactions for suspicious activities (Know-Your-Transaction), including:”
https://letsexchange.io/kyc-aml
Source code is privatetrust -1
The source code is not public, so it cannot be reviewed or audited.
Refunds do not require KYCprivacy +5 · trust +5
The refund process does not require the completion of a Know Your Customer procedure or the disclosure of personal information.
Verifiedtrust +10
Passed repeated checks over time and showed consistent behavior.
Accepts Moneroprivacy +5
This service accepts Monero, a privacy-focused cryptocurrency that provides enhanced anonymity.
Mature servicetrust +5
This service has been operational for 5 years. While this indicates stability, it is not a future-proof guarantee.
No registration neededprivacy +5
Users can access and use the service without creating an account.
Legally registeredtrust +2
Legally registered as CryptoLightHouse Ltd in Seychelles.
What costs you most first. Tap one to read the clause it rests on, or what the listing knows, priced as kycnot.me prices it.
What the documents say
LetsExchange can refuse, block or cancel a transaction you already authorised, and suspend or end your access at once, for any reason it considers sufficient.
“LetsExchange may: (a) refuse to complete, or block or cancel any transaction you have authorized, (b) suspend, restrict, or terminate your access to any or all of the Services, with immediate effect and for any reason, including but not limited to where:”
https://letsexchange.io/terms-of-use
If you send from a shielded address of a dual-nature coin such as Zcash, Firo or Dash, the provider will not credit or return it and treats the money as permanently lost.
“the funds will not be credited to your account; * the Third-Party Providers are technically unable to return, recover, or reverse the transaction; * such funds are considered irretrievably lost, and the Third Party Providers bear no responsibility for any loss resulting from such actions.”
https://letsexchange.io/terms-of-use
Identity documents go to Sum & Substance Ltd, an outside verification firm, which checks them against sanctions, politically exposed person lists and adverse media.
“Sum & Substance Ltd, being our third-party service provider, which entirely complies with our Privacy Policy in respect to processing the personal information of our customers will analyze the information we obtain to determine:”
https://letsexchange.io/kyc-aml
When LetsExchange sees a transaction it considers suspicious, it files a report with the Financial Intelligence Unit within two business days.
“If we become aware of a SUSPICIOUS TRANSACTION we will prepare SUSPICIOUS TRANSACTION REPORT (STR) and submit to the Financial Intelligence Unit within two business days of ascertaining the reasonable grounds, forming the suspicion or receiving the information.”
https://letsexchange.io/kyc-aml
The company answers law enforcement requests and asks for transaction IDs and wallet addresses; it decides each response itself. Its providers keep sender and recipient data for authorities.
“Our third-party partners obtain and hold required and accurate originator information and required beneficiary, information on virtual asset transfers, and make it available to appropriate authorities on official request”
https://letsexchange.io/kyc-aml
You must not use a VPN, proxy or other IP-masking tool to get around the geographic restrictions, and LetsExchange collects your IP address to enforce them.
“shall not use proxy servers, VPN services, or other IP-masking technologies for the purpose of circumventing geographic restrictions applicable to the Services or misrepresenting your jurisdiction of residence to LetsExchange or any Third Party Provider;”
https://letsexchange.io/terms-of-use
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