2024-05-09
LocalMonero, a crypto exchange for Monero,
has announced on May 7, 2024 that https://localmonero.co/
will be shutting down after seven years of operation.
The decision to wind down the exchange
has been attributed to a combination of internal and external factors.
LocalMonero provides users a platform to buy and
sell Monero directly with other users.
Monero’s approach has been to
prioritize user privacy, allowing for transactions that are not easily
traceable to individuals' identities. However, this feature of privacy coins
has increasingly come under scrutiny by regulators and lawmakers worldwide.
Users of LocalMonero have been advised
to withdraw their funds before the platform officially closes on November 7,
2024, to avoid forfeiture of their assets.
The team behind LocalMonero has
committed to providing support to its users until the closure date.
Regulators around the world are banning
privacy coins. Monero is one of the targets. Many crypto exchanges delisted
Monero, citing regulatory compliance.
The shutdown of LocalMonero is a
reminder of the evolving nature of the cryptocurrency industry and the ongoing
debate surrounding Monero and regulators.
