LocalMonero and AgoraDesk Shut Down: Users Urged to Reclaim Funds

In a recent revelation, the team behind the peer-to-peer trading platforms LocalMonero and AgoraDesk announced the firms’ closure. As per the official notice, the platforms are being shut down due to a “combination of internal and external factors.”

The team declared that the platforms will stop facilitating the trade of the privacy-focused Monero token on May 14. In addition, both platforms have disabled new signups and advertisements on Monero.

AgoraDesk took to X on May 8 to announce the firm’s “difficult decision to close our [their] platform.” The X post stated, “The winding-down process begins today and finishes six months from now.”

The post added that the platforms would be closed after 6 months, exactly on November 7, 2024, urging users to reclaim their funds prior to the date. The platforms added that the funds that aren’t withdrawn will be considered abandoned or fortified.

Further, the team appreciated their users’ love and support for the past 7 years. They added their trust in Monero’s future, stating,

“The Monero ecosystem has matured a lot over these years, and with the imminent launch of Haveno and other DEXs like Serai, atomic swaps, the coming addition of FCMP as well as the continuing and rapidly accelerating development of the Monero protocol, we’re confident that Monero’s future is bright, with or without our platform.”

These platforms’ shutdown has caused a stir in the community as it pose a question on the reliability of the Monero coin. Recently, Binance delisted Monero, leading to a significant depreciation of the privacy token.

As of press time, Monero (XMR) is trading at $129.13, marking a slight decline of 1.15% in the last 24 hours. However, XMR has seen a notable surge of 6% in one week despite a 2.6% monthly dip.