Monero (XMR) Can Now Be Purchased from Bank Account, Here’s How

Monero.com is a multi-purpose marketplace focused on the XMR holder community. It is operated by Cake Wallet, one of the most popular noncustodial wallets for XMR tokens.

Monero.com platform now supports bank deposits

According to the official announcement shared by the team of Monero.com, it activates an XMR purchasing option for fiat money users. Currently, four major global currencies are available.

? You can now buy and sell #Monero with FIAT including USD, EUR, CAD, and GBP on https://t.co/xDFmobSkOU! SEPA, SWIFT, and Visa/Mastercard are supported 🙂

Available in most countries, US excluded. KYC required for fiat buys/sells. Crypto to crypto trades remain unchanged. pic.twitter.com/G8eLqPpw5a

— Monero.com (@MoneroCom) June 1, 2022

Since the first releases of the new product, XMR purchasing opportunities are available for U.S. Dollar, Euro, Canadian Dollar and Great Britain Pound holders.

Fiat can be deposited to Monero.com through SEPA and SWIFT cross-border payments systems as well as through both mainstream card systems Visa and MasterCard.

The new service is avaliable in most countries globally, excluding the U.S. and some geo-restricted territories. Crypto-to-fiat purchases are available after “know your customer” (KYC) checks. Meanwhile, crypto-to-crypto operations on the marketplace can be authorized with no KYC.

Community confused by KYC procedures

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

At the same time, the Monero.com team clarified that its KYC policy only requires clients’ ID number, phone number and liveness check for trades with fiat. No proof-of-residence or document copies are required.

Monero (XMR) is one of the best performers of the market’s current recovery stage: it added more than 70% in May after touching a multi-month bottom at $120.

By press time, XMR is changing hands at $197 on major spot trading platforms.