Monero (XMR) can now be bought from a bank account, here’s how


Vladislav Sopova

Lovers of Monero (XMR), the most popular privacy coin, now have one more seamless opportunity to buy XMR with fiat

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Monero.com platform now supports bank depositsCommunity Confused by KYC Procedures

Monero.com is a multipurpose marketplace targeting the community of XMR holders. It is operated by Cake Wallet, one of the most popular non-custodial wallets for XMR tokens.

Monero.com platform now supports bank deposits

According to the official announcement shared by the team at Monero.com, it will activate an XMR purchase option for fiat money users. Currently, there are four major global currencies available.

Since the first releases of the new product, XMR purchase options have been open to holders of US Dollars, Euros, Canadian Dollars and British Pounds.

Fiat can be deposited on Monero.com through SEPA and SWIFT systems for cross-border payments, as well as through the mainstream Visa and MasterCard card schemes.

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The new service is available in most countries worldwide, with the exception of the US and some geographically restricted areas. Crypto to fiat purchases are available after “know your customer” (KYC) checks. Meanwhile, crypto-to-crypto operations in the marketplace can be authorized without KYC.

Community Confused by KYC Procedures

While the XMR community welcomes new services, some members are confused by the need to pass KYC checks to buy and sell key privacy-focused cryptocurrencies.

At the same time, the Monero.com team clarified that the KYC policy only requires the customer’s ID number, phone number and liveness for fiat transactions. No proof of residence or copies of documents are required.

Monero (XMR) is one of the top performers of the market’s current recovery phase, adding more than 70% in May after hitting a multi-month bottom at $120.

At press time, XMR is changing hands for $197 on major spot trading platforms.



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