Smart contracts definitely keep the regulators away but they force you to pay network gas fees for every single interaction. Those costs absolutely skyrocket when you attempt to swap tokens across entirely different blockchains. Direct swapping services let you dodge those crazy cross-chain fees and still keep your identity hidden. You can use this crypto exchange without KYC https://godex.io/ . The site processes the transaction directly and sends the new coins straight to your personal wallet. You get to keep your passport locked in your desk drawer.