Bittime - The latest news comes from Monero's (XMR) dedicated Peer-to-Peer (P2P) trading platform, LocalMonero which will be closed permanently. This announcement adds to the long list of crypto privacy-related services that have closed or experienced restrictions in recent times.
Termination of Monero Registration and Trading Offers
In a tweet on May 7, 2024, LocalMonero announced the permanent suspension of new user registrations and Monero trading advertisement uploads . Starting May 14, 2024, the platform will no longer facilitate Monero trading at all.
LocalMonero stated that the platform closure was caused by a combination of internal and external factors. However, they did not reveal in detail the specific reasons behind this decision.
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Withdrawal of Funds and Closure of Website
LocalMonero urges its users to immediately withdraw funds stored in their wallets before November 7, 2024. Otherwise, these funds are at risk of being considered left behind and cannot be reclaimed. Meanwhile, the LocalMonero website is also scheduled to close permanently on November 7, 2024.
The Future of Monero
LocalMonero was first launched in 2017 as a LocalBitcoins version of Monero. Over the years, the platform has been an important cornerstone of the Monero ecosystem that prioritizes transaction privacy.
Despite closing the service, the LocalMonero team remains optimistic about Monero's future. They cited the presence of Decentralized Exchanges (DEX), such as Haveno and Serai, as well as Monero's latest privacy update called Full-Chain Membership Proofs (FCMPs), as supporting factors.
Also Read: Monero (XMR), a Digital Asset with a High Level of Security
Impact of LocalMonero Closure
LocalMonero's closure is feared to be a major blow to crypto assets and privacy protocols. Previously, Kraken stopped supporting Monero for customers in Ireland and Belgium in April 2024. In addition, other privacy services such as Tornado Cash have also recently encountered legal problems.
Also Read: Exploring the Top 5 Privacy Coins: There are Monero (XMR) to Decred (DCR)
Crypto Community Response
Crypto privacy activist, Seth For Privacy, via a tweet on X (Twitter) on May 7, 2024, expressed his sadness over the closure of LocalMonero. According to him, this platform has become an important pillar for the Monero ecosystem which does not require KYC (Know Your Customer) verification.
Seth For Privacy speculates that LocalMonero's closure may be related to global financial regulators' increasing pressure on crypto privacy. This was proven by the arrest of the founder of crypto mixing service Samourai Wallet in April 2024 and the closure of other privacy services, such as Wasabi CoinJoin and Trezor Coinjoin.
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Another Look at Regulators and Crypto Privacy
However, the debate regarding regulators' attitudes towards crypto privacy is still ongoing. Contributor to Ethereum privacy protocol Railgun, Alan Scott Jr., argues that intelligence agencies may not be completely anti-privacy protocols.
Scott Jr. argue that regulators' main concerns may lie in the potential disruption of their ability to track criminal activity.
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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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