Unauthorised / Mixed-Legitimacy Details
Name: Changelly
Website: changelly.com
Changelly is a well known “instant crypto exchange” / swap service that allows users to convert between many cryptocurrencies and sometimes buy with fiat or card. It has been operating for many years (since around 2013-2015). Many users admire its user-friendly interface, speed of small swaps, variety of assets, and broad availability.
However, there are several serious concerns raised by users and independent reviewers:
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Changelly is not regulated by major financial regulators. It does not appear in the registries of the FCA UK, or other top-tier financial authorities, for being licensed as a swap-exchange or broker in many jurisdictions.
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There are numerous reports from users that after initial swaps, larger transactions are flagged for KYC/AML. After submitting required documents, some users claim those documents are delayed, ignored, or their funds remain “on hold” indefinitely.
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Reputation and review platforms show mixed feedback: many praise the small swaps and ease of use; others describe withdrawal or swap delays, unhelpful support, and frustration over frozen funds or asset loss.
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Security features exist (for example Changelly does offer 2FA, does not appear to have been hacked in public record), but some standard protections like proof of reserves, insurance for users’ funds, or formal regulatory protections are absent or weakly evidenced.
Bottom line: Changelly appears to be a service with legitimate features and a long history; it can work for small swaps, casual users. But because of the lack of full regulatory licensing, frequent user complaints about delayed or frozen swaps under KYC/AML, and some opacity in terms, any large use must be approached with caution.
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I did everything they asked—finished the verification, sent every document, and even provided income and fund details that had nothing to do with the actual transaction. Even after full compliance, support just stopped answering. The AML team only sent the same copy-paste reply every few months. On top of that, there are real signs the funds were never actually “frozen,” which really makes you question what’s going on. BestChange still lists them too, even though the UK Financial Conduct Authority already marked Changelly as unsafe.
The whole thing wore me out, but it also pushed me to stop waiting and start taking action. I learned that starting a proper claims process is actually possible if you keep records, stay consistent, and get guidance from Greyfoots(.)com reclaim experts who know how to trace digital transactions. It doesn’t always work for everyone, but having experts who can follow the money trail and help with the paperwork definitely maximized my chances which lead me back to about 70 of my investments with changelly
