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LocalMonero Announces Closure Of Exchange; XMR Shows Slight Drop

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On May 7, LocalMonero or Agoradesk, a key player in the cryptocurrency exchange market and a protocol platform for cryptocurrency, announced the winding up of their operations, starting from the day itself.

LocalMonero, or Agoradesk, has announced the closure of its operations by the end of this year, before November 2024. The company has announced the seizure of its operations for undisclosed reasons relating to the internal and external factors affecting its operations.

The company has been in operation since 2017. In its seven years of operation, LocalMonero was one of the most successful projects in the Monero community. It provided a trusted marketplace for users to trade one of the most privacy-centric cryptocurrencies. 

The day marked the beginning of a six-month-long winding down period and process. The announcement highlighted the winding-up process and critical timelines.

Monero Before & After The Announcement

In a heartfelt message shared on May 7 for its users, the company expressed deep gratitude for the users and community’s support over the last 7 years. The announcement stated, We’re extremely thankful for the love and support we’ve received over the years. We couldn’t have done it without you. We love you all ♥.”

This closure came at a time when the Monero ecosystem itself was experiencing significant growth and transformation. The imminent launch of Haveno and other decentralized exchanges like Serai suggests a robust future for Monero’s infrastructure and community. 

Additionally, advancements such as atomic swaps and the introduction of FCMP (full blockchain anonymity set) further contribute to the growth of Monero.

Important Deadlines

LocalMonero or AgoraDesk have outlined a clear timeline for their shutdown process:

All new registrations and advertisement postings are disabled, effective immediately.

Trading activities will continue for existing users until May 14, 2024, when new trades will also be disabled.

Users can access their accounts and recover funds from their arbitration bond wallet until November 7, 2024. After this date, all the remaining funds may be considered abandoned or forfeited.

Users with open trades or disputes are advised to finalize or cancel them before the final closure date. The platform will continue to offer arbitration and mediation services until the final deadline.

Furthermore, users wishing to delete their data can do so through the website’s account settings, a function not available on mobile applications.

Reasons For The Closure

The decision to close down the platform has been challenging for the developers’ team. However, the operators are confident about Monero’s future in other service offerings due to the maturity and expansion of the ecosystem.

As revealed in the announcement: “LocalMonero has been around for most of Monero’s life. Fortunately, the Monero ecosystem has matured a lot over these years,” and “we’re confident that Monero’s future is bright, with or without our platform.”

The support team will be available for users with additional questions or needing support during the transition until November 2024. They encourage users to reach out through their usual support channels for assistance.

As the cryptocurrency landscape continues to evolve, the closure of such a pivotal platform marks the end of an era but also highlights the robust nature of the Monero community and its technologies.

With the new trading platforms on the horizon, Monero users can look forward to continuing their activities in more decentralized and innovative spaces.

The announcement of the closure did not significantly impact the prices of XMR; it just experienced a price decline by 1.14% at press time, as it was trading at 128.970.

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