A Monero (XMR) peer-to-peer trading platform, LocalMonero will be shutting down operations.
Launched almost seven (7) years ago, the privacy-focused cryptocurrency P2P marketplace will complete its wound-up process in six months. The decision comes amidst a combination of internal considerations and external market conditions.
In a blog publication to its users, LocalMonero expressed gratitude for the unwavering support received throughout its tenure.
“We’re extremely thankful for the love and support we’ve received over the years. We couldn’t have done it without you. We love you all ♥,” the announcement stated.
LocalMonero is a peer-to-peer (P2P) platform that allows users to buy and sell the privacy-focused cryptocurrency Monero (XMR) without requiring any ID verification or KYC (know-your-customer) checks.
The platform connects buyers and sellers directly, allowing them to trade Monero using various payment methods such as cash, bank transfers, gift cards, and cryptocurrencies like Bitcoin.
LocalMonero acts as an escrow service, holding the Monero in escrow until the seller confirms they have received payment from the buyer.
LocalMonero has also played a significant role in the Monero ecosystem. However, as the Monero world evolves, with the launch of Haveno and other decentralized exchanges like Serai, alongside advancements such as atomic swaps and the forthcoming addition of FCMP (full blockchain anonymity set replacing rings of 16), the team expressed confidence in Monero’s future.
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The winding-down process has commenced, with a timeline set for the cessation of operations. Effective immediately, the team said that new sign-ups and ad postings have been disabled.
Trades will be allowed until May 14th, 2024, following which new trading activities will cease while the website will be taken offline on November 7th, 2024.
The marketplace urges users to reclaim any funds from their arbitration bond wallets before the final shutdown date to avoid potential forfeiture.
Additionally, LocalMonero noted that assistance will be available from the platform’s support staff throughout the winding-down period for any inquiries or concerns.
For those seeking to delete their user data, instructions have been provided on the website, to enable users to manage their accounts and personal information.
