P2P Monero trading platform LocalMonero announced on Wednesday (8th) its decision to shut down the platform. The closure process will begin today and end after six months.
LocalMonero stated that it will cease all new registrations and Monero (XMR) trading ad postings with immediate effect. After May 14th, the platform will stop facilitating new Monero transactions. As the website will be shut down on November 7th, LocalMonero advises users to withdraw any funds from their wallets before this date, as failure to do so may be considered as forfeiture.
LocalMonero was launched in 2017 as the Monero version of the well-known Bitcoin P2P trading platform, LocalBitcoins, which has already ceased its services. The announcement released today does not disclose the specific reasons for the closure, but states that it is due to a combination of internal and external factors.
LocalMonero also mentioned upcoming decentralized exchanges such as Haveno and Serai, as well as the recently announced Full Chain Member Proofs (FCMPs) privacy updates, which lead them to believe in a bright future for Monero, “with or without our platform.”
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