One of the more misleading marketing claims in crypto comes from instant cryptocurrency exchanges. ChangeNOW, Changelly, SimpleSwap, and the like. Calling themselves “non-custodial” while literally taking custody of funds during execution does not make sense. You send funds to an address they control. From that point, control over the transaction flow is no longer yours. They can freeze funds, delay execution, request KYC mid-swap, or in some cases, retain the funds entirely. No account ≠ non-custodial. Temporary custody is still custody. And if you’re not willing to provide KYC, proof of funds, or proof of address if requested, or if the exchange has gone rogue, “temporary custody” can quickly become indefinite. I understand the intent behind “non-custodial” may be to distinguish from exchanges that hold user balances between trades, but it’s not the right term for what is actually happening.