Monero Trading Platform LocalMonero Closed After 7 Years

After 7 years of operation, Monero trading platform LocalMonero announced its closure on May 7, 2024. The platform attributed this decision to "a number of internal and external factors" but did not share specific details.

The closure of LocalMonero is one of the latest developments in the field of cryptocurrency privacy. Recently, some cryptocurrency exchanges such as Kraken have stopped supporting Monero, and the US Treasury Department has threatened to impose sanctions on those using privacy-focused cryptocurrencies.

The LocalMonero team acknowledges that the Monero ecosystem has matured in recent years and the need for their platform has diminished. The team expressed optimism about the future of Monero due to the recent launch of decentralized exchanges such as Haveno and Serai and the announcement of a new privacy update called Full-Chain Membership Proofs (FCMPs).

While LocalMonero's closure is a loss for Monero users, there are other platforms where users can trade Monero following the platform's closure.