LocalMonero Shuts Down Amid Privacy Service Decline: XMR Remains Stable
The recent closure of LocalMonero, a platform facilitating peer-to-peer trading of Monero [XMR], has reverberated across the crypto currency community. This shutdown compounds the challenges faced by privacy-focused crypto services in the wake of regulatory pressures, posing difficulties for advocates of financial privacy. LocalMonero’s abrupt announcement on May 7 stunned users. It went on to halt new signups and Monero trade advertisements with immediate effect. The platform will cease all trading activities by May 14, 2024, citing unspecified “internal and external factors.” This further left users to speculate on the reasons behind the decision. Established in 2017 as Monero’s counterpart to LocalBitcoins, LocalMonero acknowledged the evolution of the Monero ecosystem while expressing optimism in the face of closure. It pointed to upcoming decentralized exchanges and privacy updates as signs of Monero’s resilience. Setback for Privacy Coins?...