As a long-time crypto investor and privacy advocate, I find the closure of LocalMonero, a peer-to-peer Monero (XMR) trading platform, deeply disappointing. The platform’s sudden announcement on May 7 that all new signups and advertisement postings for Monero trades are disabled, followed by the impending shutdown on Nov. 7, adds to the recent wave of closures and arrests in the privacy coin and protocol space.
As a researcher investigating the cryptocurrency market, I’ve come across some noteworthy news: A peer-to-peer trading platform specializing in Monero (XMR), a popular privacy coin, has unexpectedly ceased its operations. This development adds to the growing trend of similar platforms shutting down and law enforcement crackdowns on crypto privacy coins.
As a crypto investor, I’ve recently learned that LocalMonero made an important announcement on May 7th. They informed us that starting immediately, no new sign-ups or advertisements for Monero trades would be allowed on their platform. Then, on May 14th, they plan to cease the trading of Monero altogether. So, if you’re thinking about getting involved with Monero on LocalMonero, now is the time to act before these changes take effect.
The company attributed its shutdown to a mix of inherent and external influences, without disclosing the particular causes.
On November 7th, the website will be deactivated. Users are urged to withdraw any funds from their wallets before this date to avoid having their funds labeled as abandoned.
As a seasoned Monero investor, I’ve noticed how our beloved cryptocurrency’s ecosystem has blossomed significantly since the inception of the P2P trading platform in 2017. This platform, reminiscent of LocalBitcoins for Bitcoin, has acknowledged this growth and evolution of Monero.
As a Monero investor, I’m excited about the upcoming launches of decentralized exchanges like Haveno and Serai. These platforms will provide more opportunities for Monero transactions to take place outside of centralized exchanges, increasing its decentralization and privacy features. Additionally, the recent announcement of Full-Chain Membership Proofs (FCMPs) is a significant privacy update that gives me even more confidence in Monero’s future. Regardless of whether or not my platform is involved, I believe Monero has a promising outlook.
As a researcher studying the cryptocurrency market, I’ve noticed that some observers view the latest development as another setback for privacy coins and their associated protocols. Kraken’s decision to halt Monero support for its Irish and Belgian clients in April, coupled with recent legal actions against Tornado Cash, have added fuel to this perspective.
Seth For Privacy, known as a privacy advocate, expressed deep sadness in a post on X on May 7th. He noted that LocalMonero played a pivotal role in the Monero community without Know Your Customer (KYC) requirements and currently, no straightforward option exists for converting fiat currency to Monero.
He said that although the platform did not provide a reason, users could speculate.
“Feels like we’re deep in the trenches of an all-out anti-privacy crypto war right now.”
Recent scrutiny from financial regulatory bodies has focused on privacy coins and related services. A notable instance occurred in April when the founders of Samourai Wallet, a cryptocurrency mixing service, were taken into custody on accusations of money laundering.
As a crypto investor, I’ve noticed that recent developments have led some privacy services like Wasabi CoinJoin and Trezor Coinjoin to be shut down by their founders. The intensifying privacy crackdown seems to be the reason behind this unfortunate turn of events.
Although it might not be that simple, Railgun contributor Alan Scott Jr. expressed to CryptoMoon in May that intelligence agencies’ stance against privacy protocols like Ethereum‘s might not be as firm as commonly thought.
“At that point, he expressed worry about the challenges preventing these agencies, including the FBI, from identifying and apprehending wrongdoers,” is a possible paraphrase for the original statement.
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2024-05-08 06:51