Amid yet another phase of regulatory attacks on privacy instruments in crypto, the oldest and most credible peer-to-peer exchange for Monero (XMR), the largest privacy coin, has stopped accepting new deposits and sign-ups.
Amid yet another phase of regulatory attacks on privacy instruments in crypto, the oldest and most credible peer-to-peer exchange for Monero (XMR), the largest privacy coin, has stopped accepting new deposits and sign-ups.
The largest XMR exchange platform, LocalMonero, ceases operations
According to the official team statement, LocalMonero, a peer-to-peer trading platform that allowed XMR to be exchanged for fiat currency, will cease operations. New registrations and the publication of orders are already disabled, while the entire procedure to close the service will last six months.
On May 14, 2024, new transactions for existing accounts will also be disabled, while the website will close on November 7. All transactions and disputes must be finalized before that date.
The difficult decision was made due to a combination of internal and external factors, the team admitted. LocalMonero was the dominant marketplace for XMR for almost seven years.
Additionally, Monero (XMR) enthusiasts noted that Kraken, the largest CEX when XMR was still available in USDT, USD, BTC and EUR pairs, restricted trading access for clients from Germany, Ireland and Belgium.
Both the LocalMonero team and members of the XMR community emphasize the utmost importance of new decentralized solutions for XMR/BTC trading. The yet-to-be-launched services Haveno and Serai are among the most promising options.
XMR Price Almost Unaffected by Announcement
It should be noted that the LocalMonero team’s decision to stop operations follows a series of anti-privacy actions by regulators.
As Guru-Investingpreviously reported, Wasabi Wallet will stop working starting in June. It was learned thanks to its privacy feature, CoinJoin, that it obfuscated cryptocurrency data.
The crypto community is shaken by LocalMonero’s decision. However, the price of XMR seems almost stable despite a dramatic announcement.
So far, XMR is only down 2.9%, which is exactly the market benchmark over the last 24 hours. Monero (XMR) is trading at $128 on spot crypto exchanges.
