The LocalMonero team announced that it has stopped registering new users as of May 7 and will no longer publish advertisements for XMR trading. On May 14, the site will disable trading of this crypto asset. Its website will be closed on November 7th, so LocalMonero specialists advised users to withdraw all funds before the specified date.
The peer-to-peer trading platform Monero launched in 2017 as an equivalent to the peer-to-peer platform LocalBitcoins, only for trading XMR rather than Bitcoin. Note that last year LocalBitcoins stopped trading the first cryptocurrency due to unstable market conditions.
The LocalMonero team did not give specific reasons for closing the service, but stated that the Monero ecosystem has “matured” significantly in recent years. As LocalMonero developers put it, the upcoming launch of decentralized exchanges Haveno and Serai, as well as the recently announced privacy update called Full-Chain Membership Proofs (FCMPs), give confidence in the bright future of Monero, with the LocalMonero platform or without it.
Let us recall that in February, the largest crypto exchange Binance completed the delisting of the anonymous cryptocurrency Monero, and therefore its rate fell below $136. In April, the Kraken cryptocurrency exchange also announced the end of support for XMR in Ireland and Belgium.
Source: Bits
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