LocalMonero Halts Operations Amid Declining Crypto Privacy Market
LocalMonero, a peer-to-peer trading platform for the privacy-focused cryptocurrency Monero, has ceased operations. In a phased shutdown, the platform has already stopped new user registrations and ad postings for Monero trades. Trading will cease on May 14, followed by a complete shutdown of the website by November 7. While the platform has not detailed the specific reasons behind its closure, it has advised users to withdraw any remaining funds from their wallets to avoid loss as these will be considered abandoned after the closure date.
The closure of LocalMonero follows a broader trend of setbacks for privacy coins, including Kraken's discontinuation of Monero support for customers in certain regions and legal action against other privacy-focused entities like Tornado Cash. Despite this, LocalMonero expressed optimism about the future of the Monero ecosystem, highlighting the anticipated launch of new Monero-focused decentralized exchanges and privacy enhancements. Monero's market price appears to have remained stable despite the news, trading around $129.08. The developments indicate increasing pressure from global financial regulators on privacy-centric cryptocurrencies and services.