After seven years dedicated to serving the Monero (CRYPTO:XMR) community, LocalMonero, a peer-to-peer platform facilitating transactions in the privacy-centric cryptocurrency, has announced its closure.

This decision brings an end to the availability of a revered service within the crypto privacy sector, aligning with an ongoing trend of similar service closures and arrests within this niche.

As of May 7, LocalMonero has ceased accepting new registrations and advertisement postings for Monero exchanges, planning to halt all trading activities by May 14.

The closure results from a blend of unspecified internal and external challenges, highlighting the increasingly precarious position of privacy-focused financial services in the current regulatory and operational landscape.