[{"category":{"name":"Trending News","exported_url":"trending-news"},"id":"98d5e684-03e0-47dc-ba81-53029222f497","updated_at":"2024-05-08T08:26:51.40991+00:00","account":{"firstName":"Mason","lastName":"Thompson"},"description":"LocalMonero, a peer-to-peer trading platform for the privacy coin Monero, is shutting down its services. This decision comes amidst increasing scrutiny and regulatory challenges facing privacy-focused crypto services globally. This closure is effective immediately, with all new signups and advertisement postings for Monero trades already disabled.","sapo":"P2P trading platform Monero, launched in 2017, acknowledges that the Monero ecosystem has matured a lot over the years. However, after nearly 7 years in operation, Monero has decided to shut down its platform amidst mounting crackdown on Crypto privacy.","title":"LocalMonero announced its closure","content":"

Amid a recent wave of enforcement and shutdowns of crypto privacy-related services, LocalMonero, the peer-to-peer trading platform for the anonymous coin Monero (XMR) has announced an immediate shutdown, where all new registrations and advertising postings for Monero transactions are disabled.

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On May 14, the platform will disable trading of privacy-focused crypto assets. Also on November 7, the website will be taken down and users are advised to withdraw all funds from their wallets before this shutdown or they will lose all.

The upcoming launch of decentralized exchanges like Haveno and Serai, as well as the recently announced privacy update called Full-Chain Membership Proofs (FCMPs), gives the team confidence that the future of Monero will be bright, “although with or without our platform”.

This move is a hit to privacy-focused coins and protocols after Kraken ended Monero support for customers based in Ireland and Belgium in April and took recent legal action against Tornado Cash. Privacy advocate “Seth For Privacy” said it was an “incredibly sad day,” noting LocalMonero had become “an important part of the Monero no-KYC ecosystem.”

Privacy-focused coins and services have become targets of global financial regulators in recent months. In April, the co-founders of Samourai Wallet were arrested for money laundering. Other privacy services like Wasabi CoinJoin and Trezor CoinJoin have also recently shut down as the privacy crackdown grows.

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","tags":[],"image":{"fileName":"monero-thumbb.png"}}]

LocalMonero announced its closure

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