LocalMonero and AgoraDesk Announce Shutdown Amidst Industry Shifts

In a recent revelation, the team from the peer-to-peer trading platforms LocalMonero and AgoraDesk announced closure in respect of the respective firms, with the official reasons for closure being "a combination of internal and external factors, according to the notice."

The team has said that the platforms will cease facilitating the trade of the privacy-focused Monero token on the 14th of May. Besides, both platforms have ceased new sign-ups and advertisements on Monero.

AgoraDesk wrote on X and said that May 8 has been taken to announce the "firm's difficult decision to close our [their] platform." According to the X post, "The winding-down process begins today and finishes six months from now."

The post added that the closing down will be after six months, precisely on November 7, 2024, urging the users to redeem before this date. It also added that the funds not withdrawn would be considered as fortifying or abandoned.

In addition, the team thanked its supporters and users who have shown them love and support for the last seven years. They added their belief in the future of Monero and said:

"The Monero ecosystem has matured a lot over these years, and with the imminent launch of Haveno, other DEXs like Serai, atomic swaps, the coming addition of FCMP, as well as development on the Monero protocol continuing and rapidly accelerating, we're really bullish on the future of Monero—with or without our platform."

This put a mayhem in the community, as the shutdown of these platforms will put a question mark over the reliability of the Monero coin. Binance, being the recent excluder of Monero, has paved the way for a considerable depreciation of the privacy token.

As of press time, Monero (XMR) was exchanging at $129.13, reflecting a slight fall of 1.15% in the last 24 hours. But XMR posted a huge gain of 6% in a week while its monthly slide was 2.6%.