LocalMonero, a peer-to-peer Monero exchange, has recently announced its decision to shut down due to various internal and external factors. This move comes in the wake of increased delisting of privacy-focused coins like Monero from centralized exchanges.
The shutdown process has already begun, with new registrations being stopped and the platform expected to be completely shut down in November. Trading of Monero will no longer be possible after May 14th. Despite the closure of LocalMonero, the Monero ecosystem is expected to thrive, as the company has stated that new Monero-focused decentralized exchanges (DEXs) will be launched soon and privacy updates will continue.
The closure of LocalMonero is part of a growing trend of delisting privacy-focused coins from major centralized exchanges. Exchanges like Kraken, OKX, and Binance have already removed coins like Monero from their listings. However, the future of Monero remains promising, with the company expressing optimism about its growth.
This announcement follows the shutdown of a similar peer-to-peer Bitcoin trading service, LocalBitcoins, last year. Following that development, the price of Monero experienced a slight decrease of 0.66% in the last 24 hours, settling at $129.34.
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