LocalMonero Platform Closure Announcement
P2P platform LocalMonero, specializing in trading the cryptocurrency Monero (XMR), has announced its closure. As of May 7, 2024, the platform will no longer accept new users and will cease publishing advertisements for XMR trading. The complete shutdown of trading functions is scheduled for May 14, and its website will be closed on November 7. Users must withdraw all funds by this date to avoid losing their assets.
Background and Reasons for Closure
LocalMonero was launched in 2017 as an alternative to the P2P platform LocalBitcoins, focusing on Monero trading. The closure of LocalMonero comes amid broader changes in the cryptocurrency world. Last year, LocalBitcoins also halted its bitcoin trading due to market instability. The LocalMonero team did not disclose specific reasons for the closure but mentioned the evolution of the Monero ecosystem and the upcoming launch of new decentralized exchanges.
Impact on Users
The closure of LocalMonero follows delistings by major exchanges like Binance and Kraken, leading to a drop in the XMR price. Users are urged to withdraw their funds before the platform’s closure to prevent any losses. Despite the platform’s closure, developers are optimistic about the future of Monero with new developments in place to enhance privacy and functionality.
