{"id":13304,"date":"2024-05-08T10:05:34","date_gmt":"2024-05-08T07:05:34","guid":{"rendered":"https:\/\/forklog.com\/en\/localmonero-exchange-announces-closure\/"},"modified":"2024-05-08T10:05:34","modified_gmt":"2024-05-08T07:05:34","slug":"localmonero-exchange-announces-closure","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/localmonero-exchange-announces-closure\/","title":{"rendered":"LocalMonero Exchange Announces Closure"},"content":{"rendered":"<p>The team behind the P2P exchange LocalMonero has decided to shut down the platform after nearly seven years of operation.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Hey everyone,<\/p>\n<p>After almost 7 years of operation, we have made the difficult decision to close our platform.<\/p>\n<p>The winding-down process begins today, and finishes 6 months from now. Our support will be available for help throughout this period.<\/p>\n<p>Read more:<a href=\"https:\/\/t.co\/66gqe5HFpc\">https:\/\/t.co\/66gqe5HFpc<\/a><\/p>\n<p>\u2014 LocalMonero (@LocalMoneroCo) <a href=\"https:\/\/twitter.com\/LocalMoneroCo\/status\/1787919500047720843?ref_src=twsrc%5Etfw\">May 7, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>LocalMonero cited a &#8220;combination of internal and external factors.&#8221;<\/p>\n<p>The platform has been operational <a href=\"https:\/\/twitter.com\/LocalMoneroCo\/status\/901033939082428418\">since August 2017<\/a>, facilitating peer-to-peer transactions with the privacy-focused coin Monero (XMR).<\/p>\n<p>The winding-down process at LocalMonero began with the cessation of new registrations and the posting of advertisements. A week later, on May 14, trading will be halted.<\/p>\n<p>The platform&#8217;s website will cease operations in six months, on November 7. The team strongly advises users to withdraw their funds by this date, as they will be considered abandoned thereafter.<\/p>\n<p>Throughout this period, support staff will continue to provide assistance, assured LocalMonero.<\/p>\n<p>In recent years, several trading platforms have delisted Monero. In 2024, the largest centralized exchange, Binance, <a href=\"https:\/\/forklog.com\/en\/news\/monero-price-drops-15-following-binance-delisting-announcement\">took this step<\/a>. Kraken announced the <a href=\"https:\/\/forklog.com\/en\/news\/kraken-to-delist-monero-in-ireland-and-belgium\">termination of support for the coin<\/a> for users in Ireland and Belgium.<\/p>\n<p>In 2022, the largest cryptocurrency mining pool, MineXMR, announced its closure.<\/p>\n<p>However, the LocalMonero team noted that &#8220;the Monero ecosystem has matured significantly&#8221; and it faces &#8220;a bright future, with or without the platform.&#8221;<\/p>\n<p>The cryptocurrency&#8217;s price has slightly decreased by 0.7% over the past day (<a href=\"https:\/\/www.coingecko.com\/en\/coins\/monero\">CoinGecko<\/a>). Over the past week, prices have risen by nearly 7%. Monero is trading at around $129, with a market capitalization of $2.34 billion.<\/p>\n<p>Back in September 2023, an unknown party withdrew the entire balance of 2675.73 XMR from the Monero community&#8217;s crowdfunding wallet.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The team behind the P2P exchange LocalMonero has decided to shut down the platform after nearly seven years of operation. Hey everyone, After almost 7 years of operation, we have made the difficult decision to close our platform. The winding-down process begins today, and finishes 6 months from now. Our support will be available for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13303,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[83,513,455],"class_list":["post-13304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-business","tag-monero","tag-p2p"],"aioseo_notices":[],"amp_enabled":true,"views":"34","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13304","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=13304"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13304\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/13303"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=13304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=13304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=13304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}