LocalMonero, a peer-to-peer trading platform for the privacy-focused cryptocurrency Monero, has decided to shut down its services. immediate effect.
in Tuesday's announcementthe exchange notified the user New sign-ups and advertising posts for Monero transactions will be disabled immediately.
Additionally, starting May 14th, the platform will no longer support privacy-friendly cryptocurrency trading.
LocalMonero cites internal and external factors
While the company cited; combination of It did not discuss the internal and external factors behind the decision, but did not provide specific details about the reasons behind the closure.
“Almost after 7 “After many years of operation, due to a combination of internal and external factors, we have made the difficult decision to close our platform,” the company said.
Additionally, LocalMonero stated on November 7th: website will be removed completely.
Urged users to collect Any Unclaimed funds may be considered abandoned, so please remove funds from your wallet before that date to avoid potential losses.
LocalMonero was founded in 2017 as the Monero equivalent of LocalBitcoins, recognizing the growth and maturation of the Monero ecosystem over the years.
The platform's team expressed confidence in Monero's future, noting that decentralized exchanges such as Haveno and Serai will be launched soon.similarly The recently announced privacy update is called Full-Chain Membership Proofs (FCMP).
they believe That Monero It will continue to grow, with or without a platform.
LocalMonero closure is perceived by some This comes on the heels of Kraken ending support for Monero for customers based in Ireland and Belgium in April, as well as a recent lawsuit against Tornado Cash, another blow to the privacy coin and protocol.
Privacy advocacy group Seth For Privacy expressed sadness about the closure and emphasized the importance of LocalMonero as the foundation of a non-KYC Monero ecosystem.
he pointed out that Currently there is There are no direct fiat-to-XMR alternatives available, highlighting the importance of the platform to the Monero community.
LocalMonero did not reveal the specific reason for the closure, but users left behind Deduce the root cause.
LocalMonero, a p2p exchange platform, has decided to cease operations. This further illustrates the challenges faced by platforms that work with Monero but are not fully decentralized. Coupled with increasingly strict regulations, aspects of centralization seem to be emerging… pic.twitter.com/Y4WXSMi21N
— David 🟢 (@DavidShares) May 7, 2024
Privacy coins and services under scrutiny
Privacy coins and services have come under increasing scrutiny from financial regulators around the world in recent months.
In April, the co-founders of crypto mixer Samourai Wallet arrested upon Suspicion of money laundering Brought to you by the U.S. Department of Justice and other agencies.
Samourai Wallet CEO Keonne Rodriguez and Chief Technology Officer William Hill are facing crime of conspiracy carrying out money laundering; conspiracy Operating a remittance business without a license.
Other privacy services such as Wasabi CoinJoin and Trezor Coinjoin have also recently shut down as privacy crackdowns intensify.
of we The government is also cracking down on virtual currency mixing services.
As reported, we The Ministry of Finance Added Tornado Cash, a prominent cryptocurrency mixer, has been added to the Specially Designated Nationals list, effectively banning Americans from using the mixer.
September 2023Roman StormThe co-founder of cryptocurrency mixer Tornado Cash pleaded not guilty to all charges and was released on $2 million bail shortly after his arrest.
He is currently facing travel restrictions and be region of New York, New Jersey, Washington, California.
Similarly, the founders of Bitcoin Fog, a $400 million cryptocurrency mixing service, convicted of money laundering.
