LocalMonero Shuts Down Amidst Privacy Coin Crackdown
LocalMonero, a platform facilitating peer-to-peer trading of the privacy-focused cryptocurrency Monero (XMR), has ceased its operations abruptly.
Effective immediately, the platform has halted new user registrations and Monero trade listings, with trading set to terminate on May 14. The decision comes amidst a broader crackdown on privacy-oriented crypto services.
Although LocalMonero cited a mix of internal and external factors for its closure, specific reasons were not disclosed. However, the platform plans to shut down its website entirely on November 7, advising users to withdraw their funds before the deadline to avoid potential losses.
Initially launched in 2017 as an equivalent to LocalBitcoins for Monero, LocalMonero acknowledged the evolution of the Monero ecosystem. Despite its closure, the platform expressed confidence in Monero’s future, citing upcoming decentralized exchanges like Haveno and Serai, along with the introduction of Full-Chain Membership Proofs (FCMPs) for enhanced privacy.
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The shutdown of LocalMonero has disappointed privacy advocates, who perceive it as another setback for privacy coins amidst increasing regulatory scrutiny. Recent actions, including Kraken’s suspension of Monero support for certain customers and legal action against privacy service Tornado Cash, underscore the challenges facing privacy-oriented crypto projects.
While the regulatory landscape for privacy coins remains uncertain, opinions on their future diverge. Some observers lament what they see as an “anti-privacy crypto war,” while others suggest that intelligence agencies may have more nuanced concerns beyond a straightforward opposition to privacy protocols.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
