Home Coins Blockchain Bitcoin Ethereum How to Mining NFT Press releases Regulation Most Featured
Coins by Cryptorank

Monero Ends Operations for its Peer-2-Peer Platform

Author Avatar
By Dewey Olson - - 5 Mins Read
Monero logo display on chip: hazy blur illustration
Monero | Shutterstock

LocalMonero, the popular peer-to-peer (P2P) trading platform for Monero (XMR), has officially ceased operations, ending its seven-year tenure as one of the largest Monero trading platforms.

Effective immediately, the platform has disabled new signups and advertisement postings for Monero transactions. 

On May 14, the platform will disable the trading of the privacy-focused crypto asset.

The final phase of this shutdown will disable all Monero trading activities by May 14, and the website is scheduled for complete closure on November 7.

Factors Behind Closure and User Instructions

As stated by the platform, the decision to shutter LocalMonero comes from a blend of internal considerations and external circumstances.

The firm cited “a combination of internal and external factors” but did not reveal the specific reasons for its closure.

The announcement did not reveal the exact details about these factors. Nevertheless, users are strongly recommended to withdraw their funds before the November 7 deadline to prevent potential loss or forfeiture.

"After that (May 7th), the funds may be considered abandoned/forfeited," the platform wrote.

Furthermore, LocalMonero emphasized that the broader climate of opposition toward privacy-oriented products and services played a role in its decision, with crackdowns on privacy coins and protocols becoming increasingly prevalent.

"Feels like we’re deep in the trenches of an all-out anti-privacy crypto war right now," said Privacy Advocate “Seth For Privacy” in a post on X on May 7.

Future Outlook for Monero Despite Closure

Despite the closure of LocalMonero P2P, optimism remains strong within the Monero community regarding the cryptocurrency market's future.

The crypto is currently trading at about $132.60, with about 2.19% growth over the last 24 hours.


Monero token trading chart
Monero price chart | TheBlock/TradingView


The platform's announcement highlighted the growth and maturity of the Monero network over the years.

The team added that the imminent launch of decentralized exchanges such as Haveno and Serai and a recently announced privacy update called Full-Chain Membership Proofs (FCMPs) gives them confidence that Monero’s future is bright, “with or without our platform.”

Additionally, the cessation of LocalMonero's operations may impact how to buy Monero in the short term.

However, proponents remain confident in the long-term viability of Monero, particularly given ongoing advancements within the market.

Regulations and Privacy Concerns

The closure of LocalMonero is part of a broader trend of increased scrutiny and regulatory pressures faced by privacy-focused cryptocurrencies and services.

In recent months, a wave of actions has been taken against privacy-oriented tools and platforms, including the arrests of individuals associated with privacy wallets and the discontinuation of services like Wasabi Wallet and Trezor CoinJoin.

While regulatory actions often aim to address concerns related to illicit activities, opinions within the industry are divided.

According to Cointelegraph, Ethereum privacy protocol Railgun contributor Alan Scott stated that in early May intelligence agencies may not be as anti-privacy protocols as many believe.

“Their concern is the potential problems impeding their ability to catch bad actors,” he said at the time, referring to agencies such as the United States Federal Bureau of Investigation.