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LocalMonero, after about seven years of operation, announced its decision to shut down due to “internal and external factors.” This peer-to-peer Monero exchange recently faced the challenge of increased delisting of privacy-focused coins like Monero from centralized exchanges.
Shutdown Process Begins
It was stated that LocalMonero announced its decision to shut down its platform. The management of the platform announced that the shutdown process would be completed within six months and that new registrations have already been stopped. LocalMonero reported that trading Monero will not be possible after May 14th and the website will be completely shut down in November.
The closure of LocalMonero follows the recent trend of delisting privacy-focused coins like Monero from major centralized exchanges. This situation became evident with major exchanges like Kraken, OKX, and Binance removing coins like Monero from their listings.
How Will the Monero Ecosystem Be Affected?
Despite the closure of LocalMonero, the Monero ecosystem is expected to continue to grow. The company stated that the future of Monero is bright and that new Monero-focused DEXs will be launched soon and privacy updates will continue.
This announcement comes a year after a similar peer-to-peer Bitcoin trading service, LocalBitcoins, decided to shut down after ten years of operation. Following this development, Monero’s price fell by 0.66% in the last 24 hours to $129.34.
