- LocalMonero is peer-to-peer A (P2P) trading platform for the privacy-focused coin Monero (XMR).
- The platform is winding down and the website is scheduled to shut down on November 7th.
LocalMonero, the largest peer-to-peer (P2P) trading platform for Monero (XMR), is shutting down.
The P2P platform announced late Tuesday that it would cease operations immediately, and that new registrations and ad postings would be disabled starting May 7.
LocalMonero will cease all trading activity ahead of the complete website closure, which is scheduled for May 14th. His seven-year tenure on what has become the largest peer-to-peer trading platform for Monero will officially end on November 7th. .
Local Monero said it made the decision to close due to a combination of internal and external factors as it begins a six-month downsizing process. However, the announcement on the platform's website did not provide any specific reason for the move.
Meanwhile, all users are advised to withdraw their funds before the November 7 deadline. Failure to do so may result in your funds being “forfeited or forfeited.”
LocalMonero is closed, but the future of Monero is “bright”!
The closure of Monero, the largest P2P platform, could impact the buying and selling of XMR, the leading privacy-focused cryptocurrency. Nevertheless, the team at LocalMonero believes that the future of the ecosystem is poised for further growth.
“LocalMonero has been around for most of Monero's life. Fortunately, the Monero ecosystem has matured significantly over the past few years.” reads the announcement.
Part of the optimism is due to the potential of projects such as decentralized exchanges (DEXs) Haveno and Serai. Atomic swaps and full-chain membership proofs (FCMP) are other important developments that are likely to enhance the Monero protocol.
Despite this outlook, Monero and other privacy coins have faced increased regulatory scrutiny and exchange delisting in recent months.
Many privacy-focused services have been shut down, including Wasabi Wallet and Trezor CoinJoin, and US authorities recently arrested the co-founder of privacy wallet Samourai Wallet.
