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A P2P platform for trading XMR, LocalMonero, suddenly <a href="https://agoradesk.com/blog/announcements/winding-down?language=en" target="_blank" rel="noopener noreferrer nofollow">announced</a> it’s stopping all services, including new signups for the privacy coin XMR.
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 Hey everyone, After almost 7 years of operation, we have made the difficult decision to close our platform. The winding-down process begins today, and finishes 6 months from now. Our support will be available for help throughout this period. Read more:<a href="https://t.co/66gqe5HFpc" target="_blank" rel="noopener noreferrer nofollow">https://t.co/66gqe5HFpc</a>— LocalMonero (@LocalMoneroCo) <a href="https://twitter.com/LocalMoneroCo/status/1787919500047720843?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">May 7, 2024</a>
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On May 7, LocalMonero announced the immediate halt of new signups and Monero trade ads, with trading itself ceasing on May 14. The platform attributed its closure to a mix of internal and external factors, though specifics were not disclosed.
Users are urged to withdraw funds by Nov. 7 to avoid potential loss. Despite this setback, the platform acknowledged Monero’s evolving ecosystem, citing upcoming decentralized exchanges and privacy updates.
Privacy advocates like “Seth For Privacy” lamented the closure, highlighting LocalMonero’s role in the no-KYC Monero landscape. This event adds to recent regulatory actions against privacy coins, with concerns over money laundering.
While some see this as part of an anti-privacy crypto wave, others, like Railgun contributor Alan Scott Jr., note intelligence agencies’ nuanced stance. They aim to balance privacy and security concerns, avoiding hindrances to catching illicit actors.
Privacy advocates and users express disappointment over LocalMonero’s abrupt closure, emphasizing its significance in the no-KYC Monero ecosystem amidst growing regulatory scrutiny on privacy coins.
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 Also Read: <a href="https://www.cryptotimes.io/2024/05/05/dogecoin-dev-raises-privacy-concerns-with-coinbase-wallet/" target="_blank" rel="noopener noreferrer nofollow">Dogecoin Dev Raises Privacy Concerns with Coinbase Wallet</a>
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LocalMonero Stops XMR Signups and Trading on May 7

The Crypto Times

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