LocalMonero exchange has announced its closure for XMR trading

What’s new? The team at LocalMonero, a P2P crypto exchange for trading the anonymous cryptocurrency Monero (XMR), has announced that the project is shutting down. Without specifying specific reasons, it cited “a combination of internal and external factors.” The process of winding down began on May 7 and will last for 6 months, registration of new users is no longer available.

The exchange’s statement

What else is known? Trading on LocalMonero is available until May 14, then the ability to open new trades will be disabled. On November 7 this year, the developers will close the website itself. They urged users to close all transactions and disputes, as well as withdraw all funds from wallets before this date to avoid losing them. They also assured that the support team will continue to work throughout the 6 months to resolve user issues.

If desired, users can delete their data before the complete closure of the exchange. To do this, log in to the website, go to the account settings, and click “Delete Account” on the “Personal Data” tab. The feature is not implemented in the mobile app and is only available through the website.

The LocalMonero exchange was launched almost seven years ago; the XMR cryptocurrency itself has been around since 2014. The exchange team noted that the Monero ecosystem has developed significantly over the years, and new decentralized exchanges (DEXs) focused on anonymous cryptocurrency are expected to launch soon, including Haveno and Serai.

The team expressed confidence that the protocol has a bright future, regardless of the presence or absence of LocalMonero.

Monero team responds to Binance delisting: We will never compromise on privacy

Against the background of the news about the asset’s removal from the exchange, the XMR exchange rate momentarily collapsed by 39%, but then began to recover

Read more

On May 10, crypto exchange Kraken will begin the Monero delisting process for users in Ireland and Belgium. Earlier, the Binance exchange removed all anonymous cryptocurrencies in several EU countries due to local legal requirements.

In late April, the European Parliament approved new anti-money laundering rules, under which crypto firms will be prohibited from offering anonymous cryptocurrencies to customers.