The winds of regulatory change are howling through the cryptocurrency space, and a prominent victim has emerged. LocalMonero, a veteran P2P (peer-to-peer) trading platform for the privacy-focused Monero (XMR) coin, announced its closure on May 7th, citing a combination of “internal and external factors.” This move has sent shockwaves through the Monero community and reignited the debate between financial privacy and regulatory oversight.
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LocalMonero: P2P Platforms In The Crosshairs
LocalMonero’s demise comes amidst a period of heightened scrutiny by US authorities towards the crypto industry. From the arrest of the developers behind the privacy-focused Samourai Wallet to the SEC’s crackdown on centralized exchanges like Robinhood, regulators are wielding a heavy hand in an effort to enforce anti-money laundering (AML) and securities laws. P2P platforms, with their decent
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