LocalMonero, the peer-to-peer Monero exchange, has recently made the decision to shut down its platform after nearly seven years of operation. The company cited “internal and external factors” as the reasons for this closure. One of the main challenges faced by LocalMonero was the increasing delisting of privacy-focused coins like Monero from centralized exchanges.
The shutdown process has already begun, with new registrations no longer being accepted. LocalMonero has informed its users that trading Monero will no longer be possible after May 14th, and the website will be completely shut down in November.
This decision by LocalMonero reflects a wider trend in the cryptocurrency market, as major exchanges such as Kraken, OKX, and Binance have also removed coins like Monero from their listings.
Despite the closure of LocalMonero, the Monero ecosystem is expected to continue growing. The company remains optimistic about the future of Monero, stating that new Monero-focused decentralized exchanges will be launched soon, and privacy updates will continue to be implemented.
It is worth noting that this announcement comes a year after LocalBitcoins, a similar peer-to-peer Bitcoin trading service, also decided to shut down after a decade of operation. Following this news, the price of Monero dropped by 0.66% in the last 24 hours, reaching $129.34.
Disclaimer: 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 conduct their own research. Stay updated with our news on Telegram, Facebook, Twitter, and Coinmarketcap.
