The recent shutdown of LocalMonero, a prominent no-KYC peer-to-peer exchange for Monero (XMR), has left many privacy-conscious crypto users searching for alternatives. Fortunately, there are still are many options available for those looking to acquire XMR and other cryptocurrencies without going through know-your-customer (KYC) verification. But before we explore these alternatives, let’s discuss why non-KYC transactions are so important.
The Importance of Non-KYC Transactions
Non-KYC transactions offer several key benefits for users who value privacy, financial autonomy, and the core principles of decentralization. By avoiding the need to share personal information with exchanges or wallet providers, users can maintain a high level of financial privacy, which is particularly important in an era where data breaches and unauthorized access to sensitive information are increasingly common.
Moreover, non-KYC transactions align with the fundamental ethos of decentralization that underpins the cryptocurrency movement. By enabling users to transact without the need for intermediaries or centralized authorities, non-KYC platforms empower individuals to maintain control over their financial activities, promoting resistance to censorship and external control.
Non-KYC transactions also offer faster and more efficient processing times, as users don’t need to go through lengthy verification procedures. This is particularly beneficial for those who need to make urgent or time-sensitive transactions. Additionally, non-KYC platforms can promote financial inclusion by providing access to individuals who may not have traditional identification documents or banking services.
While non-KYC transactions offer these significant benefits, it’s important to acknowledge the potential challenges, such as increased regulatory scrutiny and the need for users to take greater responsibility for the security of their funds.
KYCNOT.ME
KYCNOT.ME is an open-source list of alternatives for buying, exchanging, trading, and using cryptocurrencies without having to disclose your identity. The site aims to provide people with trustworthy alternatives that preserve the original essence of cryptocurrencies, which were created to eliminate reliance on centralized entities such as banks and governments.
The site focuses on Bitcoin and Monero, as Bitcoin is considered the initial spark of decentralized money with a strong community, while Monero is seen as the ideal digital cash, being fungible, private by design, fast, and with low fees.
KYCNOT.ME is an important resource for those seeking to maintain their privacy while engaging with cryptocurrencies. The site is hosted on mirrors to ensure its availability and accessibility.
Now, let’s explore some of the top non-KYC options for acquiring Monero and other cryptocurrencies.
Haveno DEX and the Haveno-Reto Network
Haveno is a decentralized, non-custodial exchange platform for trading Monero and other cryptocurrencies without the need for KYC procedures. Built on the Tor network and utilizing Monero’s privacy features, Haveno offers a high level of anonymity and security for its users.
One of the key advantages of Haveno is its decentralized architecture. Unlike LocalMonero, which had a central authority, all trades on Haveno are peer-to-peer between users. This means that there is no single point of failure or control, making the platform more resilient to censorship and external interference.
Haveno is currently operational with several third-party Haveno networks available for users to trade on. The most prominent and active of these networks is the Haveno-Reto network.
To use Haveno on the Haveno-Reto network, users can download the pre-built installers from the Haveno GitHub repository. Detailed guides are available for various trading scenarios, such as direct fiat-to-Monero transactions, bank transfers (e.g., SEPA), and cash-by-mail trades.
The Haveno-Reto network is run by independent operators to ensure a more distributed and decentralized trading ecosystem. While the anonymity of the network administrators is important to protect the platform from potential takedowns, successful trades have already been conducted on the network, demonstrating its functionality.
Haveno Reto is the first live instance and network of the Haveno exchange software. It was recently launched by community members, separate from the core Haveno project. Key points about Haveno Reto:
- It enables trading on Monero mainnet, while the core Haveno project is still in testing phase
- Reto has its own trusted arbitrators and seed nodes set up by the community, vs. the core Haveno team
- Reto made some changes like increasing taker fees, lowering maker fees, and changing the filter mechanism
It’s important to note that while Haveno is still in development, the project is actively progressing, with a focus on improving usability and expanding its features. The Haveno team encourages community participation and offers development bounties to incentivize contributions.
Bisq and Bisq2
Bisq is a decentralized, open-source exchange that allows users to trade cryptocurrencies without KYC. It operates as a desktop application and utilizes a multi-signature escrow system to secure trades. Bisq’s decentralized nature means that there is no central authority controlling user funds, and trades are conducted directly between users.
To use Bisq, users must first download and install the application on their computer. They can then create an account and post an offer to buy or sell cryptocurrencies. When another user accepts the offer, the funds are locked in a multi-signature escrow until both parties confirm the trade’s completion. Bisq supports various payment methods, including bank transfers, cash deposits, and other cryptocurrencies.
Bisq also runs over Tor, providing an additional layer of privacy and security for its users. By routing all communications through the Tor network, Bisq helps protect users identities, locations, and IP addresses from potential surveillance or tracking.
While Bisq primarily focuses on Bitcoin trading pairs, users can easily swap their acquired cryptocurrencies for Monero using a trusted swap service, enabling them to obtain XMR without going through KYC procedures.
Bisq2 is an upcoming upgrade to the Bisq network that aims to improve usability and add new features. One notable addition in Bisq2 is the “Bisq Easy” trading protocol, which allows users to trade based on reputation without requiring a security deposit. This makes it easier for new users to get started quickly, as they don’t need to lock up funds in an escrow account.
The higher a seller’s reputation, the more trustworthy they are considered by potential buyers. This reputation-based system provides a level of security without the need for a traditional escrow.
While still in development, Bisq2 is also expected to offer a more user-friendly interface, mobile compatibility, and potentially support additional trading pairs. The Bisq team is also working on integrating the Lightning Network to enable faster and cheaper trades. Like its predecessor, Bisq2 will continue to prioritize user privacy by running over Tor.
RoboSats
RoboSats Is is a privacy-focused, Lightning Network-powered P2P exchange that supports cryptocurrency trades.
RoboSats leverages the Lightning Network’s speed and low fees to facilitate fast and inexpensive trades. Users can buy or sell cryptocurrencies without providing any personal information.
To use RoboSats, users must first install a Lightning Network wallet and fund it. They can then access the RoboSats website and create an offer to buy or sell cryptocurrencies. When another user accepts the offer, RoboSats uses a system to lock the funds until both parties confirm the trade’s completion.
One of RoboSats standout features is its “ChatBot” system, which allows users to communicate and negotiate trades directly within the platform. This helps to streamline the trading process and reduces the risk of disputes.
RoboSats also runs over Tor, providing an extra layer of privacy and security for its users. By routing all communications through the Tor network, RoboSats helps protect users identities, locations, and IP addresses from potential surveillance or tracking.
Although RoboSats primarily supports Bitcoin trading via Lightning, users can easily swap their acquired BTC for Monero using a trusted swap service, enabling them to obtain XMR without going through KYC procedures.
RoboSats is still a relatively young platform, but it has quickly gained traction within the privacy-focused crypto community. Its combination of Lightning Network speed, Tor integration, and no-KYC trading makes it an attractive option for those looking to acquire cryptocurrencies anonymously.
Serai DEX
Serai is an upcoming decentralized exchange that aims to provide a privacy-focused, no-KYC trading environment for Monero and other cryptocurrencies. While still in development, Serai is expected to launch soon, offering users another alternative for acquiring XMR without going through KYC procedures.
Serai will leverage advanced privacy features and decentralized infrastructure to ensure user anonymity and security. The platform will support various trading pairs, including XMR/BTC and XMR/ETH, and will utilize atomic swaps to facilitate trustless cross-chain trades.
As the project is still in its early stages, more information about Serai’s specific features and launch timeline will be available in the coming months. However, the Monero community is eagerly anticipating the arrival of this new privacy-centric DEX, which promises to further expand the options for no-KYC Monero trading.
Conclusion
The loss of LocalMonero is undoubtedly a significant blow to the privacy-centric crypto community. However, the Monero community has always been resilient and forward-thinking, continuously pushing for progress and innovation in the face of challenges.
Despite the setback, there are still several promising options available for those seeking to acquire Monero and other cryptocurrencies without KYC. Haveno DEX, with its decentralized architecture and the active Haveno-Reto network, is already operational on Monero’s main network. Bisq and the upcoming Bisq2 offer additional decentralized trading options, with Bisq2’s reputation-based “Bisq Easy” protocol making it more accessible for new users. RoboSats provides a fast and private way to trade cryptocurrencies using the Lightning Network, all with the added privacy benefits of Tor integration.
Moreover, the upcoming launch of Serai DEX and work going into Haveno DEX demonstrates the community’s ongoing commitment to developing new privacy-focused trading platforms. As the ecosystem continues to evolve and adapt, it is clear that the dedication to privacy and decentralization remains unwavering.
The existence of these alternatives offers hope and opportunity for those committed to maintaining their privacy while acquiring Monero and other cryptocurrencies in a post-LocalMonero world.