LocalMonero is a peer-to-peer (P2P) cryptocurrency exchange that allows users to buy and sell Monero (XMR) directly with one another. Unlike centralized exchanges, LocalMonero does not require users to undergo Know Your Customer (KYC) verification, which involves providing personal information such as their name, address, and ID.
However, due to increasing regulatory pressure, LocalMonero has recently implemented a voluntary KYC program for traders who wish to enhance their security and unlock certain features. By completing KYC, traders can benefit from increased trading limits, faster dispute resolutions, and access to exclusive offers and promotions.
Submitting Incorrect Information: Ensure that the information you provide is accurate and up-to-date.
Using Fake Documents: Do not attempt to use fake or altered documents, as this could result in your application being rejected or your account being banned.
Not Taking a Clear Selfie: Make sure your selfie is clear, well-lit, and shows your full face.
Use a Strong Password: Create a complex password to protect your LocalMonero account.
Enable Two-Factor Authentication: Set up two-factor authentication to enhance the security of your account.
Verify Your Email Address: Confirm your email address to receive important updates and notifications.
Be Patient: KYC verification can take several days or weeks to process, so be patient and do not resubmit your application unnecessarily.
The Sneaky Trader: A trader attempted to use a deepfake video to pass the face verification requirement, but LocalMonero's advanced technology detected the forgery, resulting in his application being rejected.
The Paper Plate Identity: Another trader used a paper plate with their name and ID number written on it as a form of identity document, only to have their application laughed out of the room.
The Missing Selfie: One trader accidentally uploaded a picture of their cat instead of their selfie, leading to a hilarious rejection message from LocalMonero support.
Level | Verification Required |
---|---|
Basic | Email verification |
Intermediate | Phone number verification |
Advanced | Government-issued ID verification |
Enhanced | Facial recognition verification |
Benefit | Level Required |
---|---|
Increased Trading Limits | Advanced |
Faster Dispute Resolutions | Intermediate |
Exclusive Offers and Promotions | Advanced |
Enhanced Security | Enhanced |
Document Type | Level Required |
---|---|
Passport | Advanced |
Driver's License | Advanced |
National ID Card | Advanced |
Birth Certificate | Enhanced |
Utility Bill (as proof of address) | Intermediate |
LocalMonero KYC is a voluntary program designed to enhance the security and trust on the platform. By completing KYC, traders can unlock various benefits, including increased trading limits, faster dispute resolutions, and exclusive offers. However, it's important to remember that KYC verification is not mandatory, and users can still trade on LocalMonero without completing it. By following the best practices outlined in this guide, traders can ensure a smooth and successful KYC experience.
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