Instant exchange service

A custodial service, also known as a centralised swap service, that receives one crypto-asset at a deposit address and sends another asset, often on a different network, to an address specified by the user. Such services may operate with limited or no routine KYC, but can request identity information or hold funds when transactions trigger risk-based screening. Even without KYC, service records may contain useful investigative data, such as order IDs, timestamps, IP addresses, user-agent details, refund addresses and email addresses.

The incoming and outgoing transfers are not inherently linked by an on-chain protocol, as they would be in a bridge or a non-custodial swap. However, timing, amounts adjusted for exchange rates and fees, and known service-wallet patterns may support a probable link between the two legs. Such links are heuristic and should be corroborated with service records where available. Some services rely partly or wholly on accounts at larger exchanges, creating a nested-service relationship in which the host exchange's records may also be relevant.