LocalMonero, a Monero (XMR) peer-to-peer trading platform, close Down operation.
The privacy-focused cryptocurrency P2P marketplace, founded nearly seven years ago, will complete its liquidation process within six months. This decision was made amid a combination of internal considerations and external market conditions.
In a blog post for users, LocalMonero expressed gratitude for the unwavering support it has received throughout its tenure.
“We are extremely grateful for the love and support we have received over the years. We could not have done it without you. We love you all ♥” they said in the announcement.
LocalMonero is a peer-to-peer (P2P) platform that allows users to buy and sell the privacy-focused cryptocurrency Monero (XMR) without the need for ID verification or KYC (Know Your Customer) checks.
The platform connects buyers and sellers directly, allowing them to trade Monero using a variety of payment methods, including cash, bank transfers, gift cards, and cryptocurrencies such as Bitcoin.
LocalMonero acts as an escrow service, holding Monero in escrow until sellers receive payment from buyers.
LocalMonero also plays an important role in the Monero ecosystem. However, with the launch of other decentralized exchanges like Haveno and Serai, advances such as atomic swaps and the upcoming addition of FCMP (a full blockchain anonymity set that replaces 16 rings), the Monero world is changing. As it evolves, the team expressed confidence in Monero's future. .
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The downsizing process has begun and a shutdown schedule has been set. The team announced that new registrations and advertising postings have been disabled with immediate effect.
Trading will be allowed until May 14, 2024, after which new trading activity will be suspended and the website will be taken offline on November 7, 2024.
The Marketplace urges users to withdraw funds from Arbitration Bond wallets before the final closure date to avoid possible forfeiture.
Additionally, LocalMonero said that support from the platform's support staff will be available throughout the termination period for any inquiries or concerns.
For those who wish to delete their User Data, the Website provides instructions to allow Users to manage their account and personal information.
