LocalMonero, a peer-to-peer trading platform for the privacy-focused cryptocurrency Monero, has announced that it will be shutting down. The platform will no longer accept new signups or allow users to post advertisements for Monero trades. The decision was made due to a combination of internal and external factors, although specific details were not provided. The website will be taken down completely on November 7, and users are urged to withdraw their funds before that date to avoid potential loss. LocalMonero was established in 2017 as the Monero equivalent of LocalBitcoins. Despite the closure, the team expressed confidence in Monero’s future, citing the upcoming launch of decentralized exchanges and a privacy update called Full-Chain Membership Proofs. The closure of LocalMonero is seen as another setback for privacy coins and protocols, following Kraken’s termination of Monero support for customers in Ireland and Belgium. Privacy advocate “Seth For Privacy” expressed sadness about the closure and emphasized the platform’s importance to the Monero community. The closure comes amid increased scrutiny of privacy coins and services by global finance regulators. Other privacy services such as Samourai Wallet, Wasabi CoinJoin, and Trezor Coinjoin have also faced challenges. The US government has been cracking down on crypto-mixing services, with Tornado Cash being added to the Specially Designated Nationals list. Roman Storm, co-founder of Tornado Cash, pleaded not guilty to charges and faces travel restrictions. The founder of Bitcoin Fog was convicted of money laundering.
