Greece has made significant efforts to adopt a tax policy on crypto assets as the use of cryptocurrencies grows globally. In January 2025, the Greek government introduced new tax regulations for cryptocurrency transactions.
07.04.2025
According to Statista, Monero was processed on the blockchain 30,000 times a day in February 2025. This asset is still very popular among users, although it has experienced various ups and downs. In 2024, Binance categorized Monero and Zcash as high-risk assets. This category includes assets that are subject to high volatility and risk, the platform said in a statement. Also this year, Kraken officials said they were forced to exclude Monero from listing in Europe due to increased regulatory pressure. As such, regulation has affected Monero's market cap and other indices.
However, the coin still has a lot of credibility in the community due to its unique features.
What is Monero (XMR)?
Monero is a digital currency that offers a high degree of anonymity for transactions. It is a decentralized peer-to-peer cryptocurrency, but unlike bitcoin, Monero (XMR) is a more anonymous or privacy-oriented virtual currency.
Monero (XMR) was launched in April 2014 as a fork of Bytecoin. Monero uses a proof-of-work algorithm designed to be processor-friendly and resistant to the ASIC mining devices that dominate many other cryptocurrency networks.
Monero's popularity is due to its high level of anonymization, which allows for transparency at the user's discretion. To access your account, you can simply use a 'view key'. Even if someone has access to this key, it can only give them limited access: they can view the account balance, see the transaction history, and only access a limited number of transactions on the account.
In addition, Monero users also have a "spend key" that authorizes a selected entity to spend or transfer funds from the account. The Spend Key is also a 64 character combination of letters and numbers.
Why was Monero banned?
Monero is perfectly legal. However, it has been banned by a number of exchanges, including Binance and Kraken, as it is considered a highly volatile asset. This decision was forced by government regulators who have decimated this cryptocurrency due to its privacy features.
In addition, the governments of Japan and South Korea have banned Monero due to regulatory concerns about its potential use in illegal activities such as money laundering and tax evasion.
Is buying Monero traceable?
Monero transactions are untraceable because the sender, receiver and transaction amount are hidden using three technologies: Stealth Addresses, Ring Signatures and RingCT. When these three features work together, there's no way to trace the transaction.
Can I buy Monero in the UK?
Yes, there are many ways to buy Monero instantly in the UK via credit card, debit card or other methods. If you want to buy XMR in the UK, you should thoroughly research the availability of exchanges, payment options and regulatory considerations.
In 2025, international platforms such as Binance, KuCoin, OKX, Crypto.com, Bitfinex and others still support Monero. Binance still supports XMR/BTC, XMR/USDT pairs, despite having classified it as a risky asset.
How to buy Monero with credit and debit cards
You can easily buy XMR with credit or debit cards like Visa or Mastercard. It is widely supported, though usually with higher fees. Exchanges like Binance allow direct card purchases of cryptocurrencies (you can buy BTC or USDT with GBP, then exchange for XMR) - but card payments incur a fee of around 1.8-4.5%.
To buy Monero instantly with credit or debit cards, follow these steps:
Set the pair: select the fit you'd like to exchange and enter the amount to see the amount of Monero you can get.
Review all offers: browse all available offers, weigh all risks, fees and other details before making a final decision.
Choose a payment method: Select the credit card/debit card payment option to buy XMR. Keep in mind that transactions larger than $100-150 usually won't be processed unless you go through the KYC process.
Enter your credit/debit card details: Fill in all the necessary card details, including CVV, number and expiration date. Check all information carefully before proceeding to the next step.
Complete the purchase and buy XMR with credit/debit cards: press 'buy' and wait for the transaction to be processed. Refresh your account to check if Monero has already been transferred to your account.
How to buy Monero by bank transfer
Many exchanges offer the option to fund your account by bank transfer (SEPA or Faster Payments for GBP). Kraken had free GBP Faster Payments deposits, but now doesn't support XMR trading. Binance supports bank transfers through its partner networks.
It's important to remember that UK banks have been restrictive with crypto transfers. Some banks (e.g. Metro Bank and Chase UK) have banned outgoing payments to crypto exchanges altogether, citing the need to prevent fraud, while others (e.g. NatWest) impose low limits (e.g. £1,000/day).
That's why it's important to check your bank's policy on crypto transactions.
To buy Monero UK by bank transfer, follow these steps:
Set the pair: select the pair you'd like to exchange and enter the amount to see how much Monero you can get.
Review all offers: browse all available offers, weigh all risks, fees and other details before making a final decision.
Choose a payment method: Choose the bank transfer payment option to buy XMR. Keep in mind that transactions larger than $100-150 usually won't be processed unless you go through the KYC process.
Enter your bank details: Fill in your bank transfer details including your IBAN and full bank name. Double check all information before approving the transaction.
Receive Monero: Wait for the transaction to complete. Your Monero will appear in your wallet shortly.
How to buy Monero with Apple Pay or Google Pay
Buying Monero (XMR) with Apple Pay or Google Pay is possible through several platforms, including Changelly, SimpleSwap, Coin Wallet, Guardarian and MEXC.
To purchase Monero using Apple Pay or Google Pay, follow these steps:
Select Monero: Select XMR as the cryptocurrency you'd like to purchase.
Enter Purchase Amount: Select the fit you'd like to use for your exchange and enter the amount to see how much Monero you can get.
Select payment method: Select Apple Pay or Google Pay to complete the transaction and purchase Monero.
How to buy Monero via P2P
You can buy Monero with cash via peer-to-peer transactions. You could find a local seller willing to meet for a cash exchange, but this requires trust and security precautions (meeting in a public place, etc.). Crypto ATMs in the UK are not a reliable option for Monero - in fact, the UK FCA has declared all unregistered crypto ATMs illegal as of 2023, leading to most being shut down.
A few ATMs around the world may support XMR, but you're unlikely to find a legal Monero ATM in the UK. If you insist on cash, a better option is to use P2P platforms (see below) that allow cash deposits or cash-in-mail transactions with escrow. Often the easiest way to get XMR is a two-step approach: buy a more widely available cryptocurrency (such as BTC or USDT) with GBP via a UK-friendly service, then transfer that crypto to an exchange where you can exchange it for Monero. This gets around some fiat restrictions. Just be aware of the extra transaction and fees involved in this extra step.
Is Monero shutting down?
No, you can still buy Monero on most exchanges. However, privacy coin P2P trading platform LocalMonero has effectively shut down its services, telling Cointelegraph that "the general hostility towards privacy-centric products and services was certainly a factor".
Conclusion
Despite various regulatory restrictions, Monero remains one of the most popular coins thanks to its anonymity and transparency. Buy Mon To buy Monero instantly, you should DYOR and explore all the details of the purchase beforehand.
