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A cryptocurrency exchange focusing on peer-to-peer (P2P) trading for the digital privacy currency Monero has shut down its services amid pressure on privacy services, particularly in the United States. The cryptocurrency broker in question is LocalMonero.

On May 7, LocalMonero announced that it has disabled, with immediate effect, all new registrations and ad postings for Monero (XMR) trades. Furthermore, on May 14th, the platform will disable trading of the privacy-focused crypto asset.

The company cited “a combination of internal and external factors” as the reason for the decision. However, it did not reveal the specific reasons for its closure. The cryptocurrency exchange told Cointelegraph that “broader hostility toward privacy-centric products and services has certainly been a factor.”

Cryptocurrency exchange ceases operations with Monero

Furthermore, the company stated that, on November 7, it will take the website offline. Before said, it advised users to redeem any funds from their wallets before that date.

Peer-to-peer (P2P) cryptocurrency exchange Monero, launched in 2017 as LocalBitcoins’ equivalent to XMR, has recognized that the Monero ecosystem has matured greatly over the years.

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

The cryptocurrency exchange’s demise is yet another blow to coins and privacy protocols, following Kraken’s discontinuation of support for Monero for its Ireland and Belgium-based customers in April, as well as recent legal action against Tornado Cash.

Privacy advocate “Seth For Privacy” said it was an “incredibly sad day” in a post on May 7. He added that LocalMonero has been “a cornerstone of the KYC-free Monero ecosystem” and there is no direct fiat (fiat currency) alternative to XMR today.

He said that while the platform did not provide a motive, users can speculate.

It is worth noting that other privacy services such as Wasabi CoinJoin and Trezor Coinjoin were also recently shut down by their founders as the privacy crackdown intensified.

The price of Monero (XMR) has declined by around 3% in the last 24 hours, according to data from CoinGecko. At the time of writing this text, the crypto asset is costing US$ 128.40.

Monero price chart for the last 24 hours.  Source: CoinGecko
Monero price chart for the last 24 hours. Source: CoinGecko
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