RatEx42, the leading compliance intelligence and risk-rating platform, has today officially downgraded Swapped (Swapped ApS) from a "Green" (Low Risk) rating to a Red (High Risk) listing. This drastic shift follows a multi-month forensic deep-dive into the platform’s merchant portfolio, revealing that Swapped has transitioned from a legitimate Nordic fintech into a high-capacity "shadow rail" for the unlicensed offshore iGaming industry.
