LocalMonero and AgoraDesk, prominent cryptocurrency trading platforms that have existed for almost seven years now, just declared that they will close their business. Thus, this decision could be attributed to the fact that it came from the individual and the external factors becoming intertwined. It represents the end of the era of crypto history for the community of users who think Monero is their favorite currency.
LocalMonero was launched to provide the Monero platform of transactions, which is known as an attractive feature for keeping users’ privacy. Since it started, LocalMonero has contributed significantly to the Monero community. Furthermore, AgoraDesk is the same as LocalMonero but extends services to other cryptocurrencies, preserving users’ anonymity followed by secure transactions.
The businesses have deeply appreciated the continuous community patronage throughout the years. They acknowledged the reality that their triumphs would not have been possible without the devotion and engagement of the customers. They expressed their deepest humility for the tremendous love and support they received throughout their path in the heart-warming moment. Yet, they understood they would not have come this far without the community’s support.
The shutdown of the platform will not happen in a single day. Instead, it will occur over time, precisely during the next six months. The current standing is that new signups and ad postings have been turned off since today. Only by May 14, 2024, investors can initiate any new deals.
The total closing of the site is expected to happen on November 07, 2024. Users are proposed to remove their funds from the wallet with their arbitration bond before the specified date to avoid losing them.
In the wake of these changes, the announcement of the Monero Improvement Proposal comes along with other significant developments within the Monero community, including the expected unveiling of Haveno, other decentralized exchanges (DEXs) like Serai, and atomic swaps.
In addition, new technologies incorporated into the Monero protocol include the FCMP (full blockchain anonymity set replacing the range of 16), which strengthens the digital currency’s privacy strengths. With such advancements, the future of Monero looks even brighter, regardless of whether LocalMonero and AgoraDesk shut down or not.
For existing clients, trading will continue on terms and conditions until the end of May. In addition, only remaining trades can be carried out or canceled until this platform officially closes in November. During this phase, the support team will remain reachable for trade-related issues or conflicts.
In addition to this, users may also get the option to erase their personal information from the sites. This can be implemented by changing account settings on the website, in which the “DELETE ACCOUNT” option will be given. In addition, this functionality is also not available on the app; therefore, users who would like to delete their accounts have to do so either on the desktop or on their phone browsers.
Cryptocurrency universe. With their platforms shutting down, the team behind them will still feel proud of their role as part of the cryptocurrency community, and they will be optimistic about the bright future of Monero and the whole chain technology ecosystem.