Known for facilitating person-to-person trades of Monero (XMR), LocalMonero announced its closure is wrapping up its operations on May 7, 2024. This decision stems from a blend of various influences, signaling the end of a platform foundational to Monero loyalists for seven years.
TLDR
- The well-regarded Monero (XMR) trading forum, LocalMonero, has decided to shut down by May 7, 2024, citing an amalgamation of internal and external dynamics.
- New user registrations and advertising placements are immediately ceasing, with trading pausing by May 14, and the site will fully close by November 7.
- In spite of closing, LocalMonero maintains an upbeat outlook on Monero's persistency, emphasizing incoming decentralized exchange innovations and privacy tech enhancements.
- The shutdown is perceived as another blow to privacy-related coins and technologies, as seen with Kraken's halting of Monero support and lawsuits against privacy-driven platforms.
- Monero (XMR) Monero continues its journey, trading at approximately $129.08, steadfast even as privacy-centric crypto solutions navigate through rough waters.
The phase-out of LocalMonero isn't sudden but a systematic, six-month liquidation plan. All new registrations have been stopped as of May 7, with new trades ending as of May 14.
Users have until November 7 to wind up their transactions and recover any funds tied up in arbitration bond accounts before the platform's complete shutdown.
Even as services wrap up, LocalMonero's team remains hopeful about Monero's trajectory going forward.
They hold faith in the soon-to-come decentralized exchanges such as Haveno and Serai and the upcoming Full Blockchain Anonymity Set (FCMP) feature, underscoring Monero's fast-paced protocol evolution.
This hopeful stance underscores the Monero community's tenacity and willingness to adapt amidst challenges.
Privacy Coins Under Scrutiny
LocalMonero's closure is part of a wider narrative, where privacy-centric crypto services face a plethora of hurdles.
Recently, increased regulatory scrutiny led Kraken to withdraw Monero support in Ireland and Belgium, with legal actions targeting privacy-heavy projects like Tornado Cash.
Other platforms like Wasabi CoinJoin and Trezor CoinJoin have also succumbed to similar regulatory pressures.
Monero’s Resilience
Monero (XMR) has shown notable endurance despite the adversities facing privacy coins. It trades at $129.08 with a slight 1% daily dip.
While Monero's price is 75% below its peak of $517.62, it has impressively soared 60383.51% from its lowest point.
