LocalMonero Bids Farewell Amid Regulatory Heat
LocalMonero Shuts Down Amid Regulatory Pressure
Leading Monero P2P platform LocalMonero has announced its closure, marking the end of its nearly seven-year operation.
Timeline and Details of LocalMonero's Shutdown
The closure comes amidst increasing regulatory actions targeting privacy-focused cryptocurrencies and platforms in the United States.
- New registrations and ad postings are stopped immediately.
- No new trades can start from May 14.
- Users have until November 7 to finalize transactions and retrieve funds.
The team expressed confidence in the future of the Monero ecosystem despite the platform closure.
Douglas Tuman from the Monero community expressed sadness at the loss of LocalMonero.
Monero's Price Performance
Monero's price slightly decreased following the announcement, but it remains steady.
Regulatory Climate for Privacy-Centric Services
LocalMonero's exit comes amid broader regulatory challenges impacting privacy-centric services in the US.
US officials have arrested individuals related to Samourai Wallet and imposed sanctions on crypto mixer Tornado Cash, sparking debates in the crypto community.
Legal Proceedings Against Tornado Cash
Legal proceedings against Tornado Cash's developer in the Netherlands are ongoing, with a verdict expected soon.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.