Switcheo is definitely interesting technologically as the first DEX on NEO, but they clearly don’t learn from history and, blinded by greed, do not understand what brings value to crypto.
Quote from their whitepaper:
KYC / AML REQUIREMENTS
Many governments have KYC/AML laws and requirements, in addition to regulations for the trading of securities. We aim to implement D-KYC whitelists on our exchange so that users can trade on our exchange in compliance with the relevant legislations. Furthermore, we intend to monitor transactions on the Switcheo DEX for suspicious transactions, such that we can assist legal authorities in tracing and/or tracking illegal activities conducted through the blockchain.
KYC is a relic of the past, where in order to trade you had no other option but to trust a third party (a centralized exchange). Blockchain technology enables all kinds of trustless transactions secured by mathematics. There is no room for human bias in cryptocurrencies, just as there is no room for human corruption in cryptography.
Furthermore, I can’t seem to find ANY information about how they wil do cross chain trading except for promises. If you happen to find a technical description of how that would work I’d love to see it.