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LocalMonero, one of the largest peer-to-peer centralized platforms for trading XMR, is sunsetting its services amid the global crackdown on privacy-focused tokens.
A centralized peer-to-peer marketplace for trading <a href="https://crypto.news/tag/monero/" target="_blank" rel="noopener noreferrer nofollow">Monero</a> (XMR), LocalMonero, is closing down its services, citing “internal and external factors” as the reason behind the move.
In a <a href="https://localmonero.co/blog/announcements/winding-down" target="_blank" rel="noopener noreferrer nofollow">blog post</a> on May 7, the platform said users can conduct trades until May 14, following which new trades will be disabled. Furthermore, the platform has halted new registrations, while withdrawals will remain open until Nov. 7. LocalMonero also cautioned that after the deadline, unclaimed funds “may be considered abandoned/forfeited.”
<blockquote class="wp-block-quote">
 “After almost 7 years of operation, due to a combination of internal and external factors, we have made the difficult decision to close our platform.”
 LocalMonero
</blockquote>
Crypto.news reached out to LocalMonero for comment but has not heard back as of press time.
Founded in 2017, the Hong Kong-based platform allows users to buy and sell XMR directly with each other, without the need for a centralized intermediary. The closure comes amid the global crackdown targeting <a href="https://crypto.news/tag/privacy/" target="_blank" rel="noopener noreferrer nofollow">privacy</a>-focused cryptocurrencies like Monero and Zcash (ZEC).
You might also like: <a href="https://crypto.news/electric-coin-company-distances-from-direct-funding-of-zcash/" rel="noopener noreferrer nofollow"> Electric Coin Company distances from direct funding of Zcash </a>
In December 2023, OKX, a cryptocurrency exchange, <a href="https://crypto.news/okx-to-delist-privacy-tokens-in-january-2024/" target="_blank" rel="noopener noreferrer nofollow">announced</a> the delisting of XMR and other anonymous cryptocurrencies, citing failure to meet their “strict criteria.” Subsequently, Binance, another crypto exchange, also <a href="https://crypto.news/monero-and-multichain-collapse-amid-binances-recent-announcement-to-delist/" target="_blank" rel="noopener noreferrer nofollow">removed</a> XMR from its trading pairs, resulting in a significant depreciation of the token’s value. Additionally, Kraken, an American crypto exchange, <a href="https://crypto.news/kraken-delist-monero-belgium-ireland/" target="_blank" rel="noopener noreferrer nofollow">delisted</a> Monero in Belgium and Ireland due to European anti-money laundering regulations.
The full-scale removal of XMR from centralized platforms has already impacted the token’s trading volumes. According to <a href="https://crypto.news/market-liquidity-for-monero-zcash-hits-all-time-low-data-shows/" target="_blank" rel="noopener noreferrer nofollow">data</a> from Kaiko, a blockchain analytics firm, market liquidity for privacy tokens has hit record lows as crypto exchanges continue to delist these assets from their listings in an effort to comply with local rules.
Read more: <a href="https://crypto.news/monero-community-wallet-funds-drained-in-security-breach/" rel="noopener noreferrer nofollow"> Monero community wallet funds drained in security breach </a>

LocalMonero exchange shutters due to ‘internal and external factors’

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