Swapoon

Swapoon is a very new privacy-focused crypto swap service. Its current Terms and Privacy Policy are dated July 1, 2026, while its Bitcointalk ANN thread was only created on September 9, 2026. Based on the public footprint currently available, Swapoon should be treated as a newly launched service with very little independent operating history or user feedback so far. Technically, Swapoon is not an independent exchange with its own liquidity. Its Terms explicitly describe it as a non-custodial interface and state that Swapoon does not operate the underlying exchange infrastructure itself. Swaps are executed through third-party liquidity providers, which handle the actual movement and conversion of funds. Swapoon essentially provides the interface, routing and order tracking. The KYC model is interesting, but there is an important distinction between Swapoon itself and its providers. Swapoon states that it performs no KYC or AML screening on users, requires no account, email or phone number, and does not collect identity documents. However, its liquidity providers may perform automated AML checks on incoming deposits. If a deposit is considered high-risk, Swapoon states that it should be automatically refunded according to the provider's policy rather than frozen pending identity verification. This means Swapoon's own model can reasonably be described as No KYC, but the complete swap flow is not free from AML screening. The actual compliance decision is made by an external provider. Swapoon also explicitly acknowledges that a provider may block, reverse or refund a transaction and that these decisions are outside Swapoon's control. Privacy is one of the stronger aspects of the service on paper. Swapoon claims that it does not log IP addresses, location, device information or browser fingerprints, uses no third-party analytics or advertising trackers, and deletes temporary swap data within 24 hours after completion or immediately after a refund. It also offers a native .onion site and an interface designed to work without JavaScript. Another interesting feature is its signed Letter of Guarantee. When an order is created, Swapoon signs information such as the deposit address, receiving address, amount and order ID using Ed25519. The signature can be verified independently and offline. This provides evidence that the order details were not changed after creation, although it should not be confused with insurance, escrow or proof that the liquidity provider will successfully complete the swap. The biggest transparency issue is the liquidity layer. Swapoon does not publicly identify the providers that actually receive and exchange user funds. This has already been questioned in its very new Bitcointalk thread, where users have asked who the liquidity providers are and criticized the use of the term "non-custodial" when funds are ultimately handled by an unidentified third party. Overall, Swapoon looks like a new privacy-oriented swap frontend rather than a standalone exchange. Its stated privacy policy is strong, it supports Monero, Tor and no-account swaps, and its Letter of Guarantee is a useful technical feature. However, it currently has almost no established track record, very limited independent user feedback, no own liquidity, and does not disclose the third-party providers that actually execute swaps. For now, the most accurate description would be: a very young No-KYC swap interface using undisclosed third-party liquidity providers, with provider-side AML screening and automatic refunds claimed for rejected deposits.