crypto-economy.com
TL;DR
- The closure of the P2P platform LocalMonero has been initiated, ending its operations after 7 years of service.
- New user registrations have been suspended, and advertisements were halted on May 7th.
- The deadline for withdrawing funds will be November 7, 2024.
The well-known peer-to-peer (P2P) Monero trading platform, LocalMonero, has surprised the community by announcing the cessation of its operations after seven years of service. The team behind the platform has made the difficult decision to close it due to a series of internal and external factors that have put pressure on the project.
The process of closing has already begun, with the immediate suspension of new user registrations and the posting of commercial advertisements since May 7th. Existing users have until May 14th to finalize all their commercial operations on the platform, as all will be halted.
Additionally, a deadline has been set for fund withdrawals, which is November 7, 2024. After this date, the platform will close completely, and funds not withdrawn may be considered abandoned or lost.
The platform’s team has assured users that they will be available throughout the closing process to assist with any commercial disputes and facilitate a smooth transition. However, specific details about the exact reasons for the platform’s closure have not yet been provided.
Monero Still Has a Future
Despite the closure, the team has expressed optimism about the future of Monero. There are several projects in development that could strengthen the network in the future, including decentralized exchanges (DEX) like Haveno and Serai, as well as technical improvements such as atomic swaps and Full-Chain Membership Proofs (FCMP).
However, it is important to note that the closure of LocalMonero comes at a time when privacy-focused cryptocurrencies are facing increasing regulatory pressure. Regulatory scrutiny has led to the exclusion and blocking of exchanges and services related to privacy, dealing a heavy blow to the Monero market and other similar cryptocurrencies.
Although the future of privacy-focused cryptocurrencies remains uncertain, the closure of LocalMonero is another chapter in the battle between privacy and regulation.