Monero P2P Trading Platform LocalMonero Closes, Citing ‘Internal and External’ Factors
LocalMonero, a peer-to-peer trading platform for the privacy-focused cryptocurrency Monero, has decided to shut down its services with immediate effect .
In a Tuesday announcement , the exchange informed its users that new signups and advertisement postings for Monero trades would be disabled immediately.
Furthermore, starting from May 14, the platform will no longer support trading of the privacy-focused cryptocurrency.
While the company cited a combination of internal and external factors for its decision, it did not provide specific details regarding the reasons behind the closure.
“After almost 7 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 that on November 7, the website would be taken down completely.
It urged users to reclaim any funds from their wallets before that date to avoid potential loss, as unclaimed funds might be considered abandoned.
Established in 2017 as the Monero equivalent of LocalBitcoins, LocalMonero acknowledged the growth and maturation of the Monero ecosystem over the years.
The platform’s team expressed confidence in Monero’s future, pointing to the imminent launch of decentralized exchanges such as Haveno and Serai , as well as the recently announced privacy update called Full-Chain Membership Proofs (FCMPs).
They believe that Monero will continue to thrive, with or without their platform.
The closure of LocalMonero is perceived by some as another blow to privacy coins and protocols, following Kraken’s termination of support for Monero in April for customers based in Ireland and Belgium, as well as recent legal action
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