Monero exchange LocalMonero ceases operations! Privacy projects take another hit

LocalMonero, a P2P trading platform related to privacy project Monero (XMR), announced today that it will shut down platform operations. The community speculated that it should be due to regulatory pressure. Recently, U.S. regulatory agencies There have been many crackdowns on privacy projects.

LocalMonero Announcement

LocalMonero, the Monero-related P2P exchange, announced today that it will cease services after seven years of operation. The team stated that the difficult decision to shut down the platform was made due to a combination of internal and external factors.

The LocalMonero team says the Monero ecosystem has matured a lot over the years, with the launch of other decentralized exchanges like Haveno and Serai, and the upcoming addition of FCMP to increase network anonymity, with or without LocalMonero The future of the platform and the Monero ecosystem is exciting.

The team recommends that all users need to withdraw their funds before November 7th. After that, the team will close the website and these funds may be considered abandoned and cannot be claimed.

LocalMonero may be subject to regulatory pressure

There have been many actions against privacy projects in the United States recently, and LocalMonero is just one of them.

Some communities believe that LocalMonero closed the platform out of compromise under regulatory pressure. @sethforprivacy said that it only took place in the past two weeks. Regulators have taken many actions against privacy projects, including:

• The two founders of the privacy wallet Samourai Wallet were accused of money laundering by the United States and arrested.

• Privacy wallet Wasabi Wallet announced that it will be banned from US users.

• Privacy wallet Phoenix Wallet announced its removal from the US app store and advised users to withdraw funds.

• Privacy trading platform Tornado.cash has been slapped with multiple charges by the U.S. Department of Justice.

• FBI warns against use of non-KYC tools

Now it’s the turn of LocalMonero, the largest no-KYC Monero exchange for fiat currencies, to be shut down, and why It can also be easily speculated.

@sethforprivacy believes that it is already a state of war. Resisting censorship requires group unity, not taking it for granted.

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