LocalMonero, a peer-to-peer exchange for the cryptocurrency Monero, announced the closure of the platform after nearly seven years of operation due to “internal and external factors.” The reasons for the closure were not specified.
On the platform, users could buy and sell Monero directly with other users both in person and online. The shutdown process began on Tuesday and will end in six months, with new registrations disabled.
Trading on the platform will stop on May 14, and the site will shut down in November.
Coins including anonymity-focused Monero have been delisted from several major centralized exchanges such as Kraken, OKX and Binance over the past few years.
In a statement, LocalMonero said that despite their closure, they expect the Monero ecosystem to continue to grow. They highlighted the upcoming launches of new Monero-focused decentralized exchanges and further privacy updates, such as proof of full-chain membership, as positive developments.
