LocalMonero, a platform for trading the privacy-focused cryptocurrency Monero, has announced its immediate closure. The company cited a combination of internal and external factors for its decision but did not provide specific details. New signups and advertisement postings for Monero trades will be disabled, and trading of the cryptocurrency will no longer be supported starting from May 14. The website will be taken down completely on November 7, and users are urged to withdraw their funds before that date to avoid potential loss. LocalMonero was established in 2017 as the Monero equivalent of LocalBitcoins and played a significant role in the Monero ecosystem. The closure is seen as another blow to privacy coins and protocols, following Kraken’s termination of support for Monero and recent legal action against Tornado Cash. The closure comes amid increased scrutiny from global finance regulators targeting privacy coins and services.
