LocalMonero Shuts Down Trading Platform
LocalMonero, a platform for trading the privacy-focused Monero cryptocurrency, has announced the immediate closure of its services to users.
Closure Due to Internal and External Factors
The company cited a combination of internal and external factors for its decision to shut down, after almost 7 years of operation without specifying the specific reasons.
- This important platform providing Monero trading services bids farewell
- Users are advised to withdraw their funds before the final closure date
Positive Outlook for Monero’s Future
The LocalMonero team expressed confidence in Monero’s future, despite the platform’s closure, highlighting upcoming decentralized exchanges and privacy updates.
- Decentralized exchanges such as Haveno and Serai are on the horizon
- Anticipation for Monero’s privacy update called Full-Chain Membership Proofs
Impact on Privacy Coins and Protocols
LocalMonero’s closure is seen as a setback for privacy coins and protocols, following other recent actions against privacy-focused services in the crypto space.
- Increased regulatory scrutiny on privacy coins and services
- Legal actions against Tornado Cash and Kraken’s support termination for Monero
Privacy Coins and Services Under Scrutiny
Global regulatory agencies have intensified scrutiny on privacy coins and services, resulting in legal actions against key players in the industry.
- Arrests of Samourai Wallet co-founders on money laundering charges
- Shutdowns of privacy services like Wasabi CoinJoin and Trezor Coinjoin
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