LocalMonero, an online platform for peer-to-peer Monero exchange, has recently announced its decision to shut down due to various internal and external factors. The company has been facing challenges with the increased delisting of privacy-focused coins, such as Monero, from centralized exchanges.
The shutdown process has already begun, with new registrations no longer being accepted. LocalMonero has stated that trading Monero will be impossible after May 14th, and the website will be completely shut down in November.
The closure of LocalMonero is in line with the recent trend of delisting privacy-focused coins from major centralized exchanges. Exchanges like Kraken, OKX, and Binance have already removed coins like Monero from their listings.
Despite the closure of LocalMonero, the Monero ecosystem is expected to continue growing. The company has expressed confidence in the future of Monero and has announced that new Monero-focused decentralized exchanges (DEXs) will be launched soon, along with ongoing privacy updates.
It is worth noting that this announcement comes a year after LocalBitcoins, a similar peer-to-peer Bitcoin trading service, decided to shut down after a decade of operation. Following this news, Monero’s price has seen a slight decrease of 0.66% in the last 24 hours, reaching $129.34.
As always, it is important to remember that the information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
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