Bitcoin Forum

Shocking Announcement: LocalMonero and Agoradesk will be winding down its operations. (https://monero.forex/localmonero-agoradesk-will-be-winding-down-its-operations/)

World's largest P2P XMR crypto exchange announces imminent closure.


Read rest:
https://monero.forex/localmonero-agoradesk-will-be-winding-down-its-operations/


What happens to XMR now?

Similar thread existing: LocalMonero/Agoradesk to be taken down (https://bitcointalk.org/index.php?topic=5495682.0)

I guess these regulators easily get information from us on this forum sometimes. I am not posting anything but monero will continue to exist.

Holy fucking shit, that sucks  :o

Monero exchanges will need to transition to decentralized models, or I foresee their demise in the near future.  For Monero traders, there are two alternatives:

• Convert your XMR to BTC and sell it to Bisq (https://bisq.network/).  You can't directly exchange XMR for anything else, so it might come expensive. 
• Wait until Haveno (https://haveno.exchange/) is ready for production.  It's a new DEX that is like Bisq, decentralized, but using Monero as the main currency.

They have been cracking down on XMR and any services that are into privacy. I remember that they've been too active about it by asking local exchanges in South Korea to delist it and they obliged because they had no choice but to do that or else the business would be closed.

For sure that they do but they can't do anything with it, despite with all of these challenge they're giving to the community, it's true that monero won't cease to exist.

After all these years, now I am started to have thoughts such as government can really get a hold on the crypto currency and the first step is to eliminate the anonymity that is why they are targeting mixers, and privacy coins or any service that offers privacy to the users. Doesn't seem like a good thing but who knows how it's going to be in future.

Nothing, probably.

Monero is still a very huge project with great potential now that most mixing services are getting shutdown. There are also a number of exchanges where Monero works (https://www.getmonero.org/community/merchants/) and I am sure someone is going to launch a good p2p exchange to fill up the void that is left behind by localmonero.

Monero is great but it is losing the community support and all the privacy coins are on the same track because they don't want to get in the sight of government authorities. But what you said also is true it's really big opportunity for a business perspective and all they need is an actual decentralised exchange and P2P instead of pseudo DEXes that are still controlled by government in one or other way.

As for localmonero, this was expected to happen with this platform because of its support for the most important currency in privacy currencies, based on the attack that occurred on all privacy service platforms such as Mix ers.

The use of crypto has spread so much that it no longer subject for ignoring or avoiding dealing with it. On this basis, everything that supports complete privacy is fought, including privacy coins, Mix er platforms, and decentralized platforms. On the other hand, there is still something that cannot be stopped, which is the use of privacy currencies in peer-to-peer transactions because the decentralized Monero network cannot be disrupted by any authority.

It is expected that other applications will be targeted, for which there will be no solution other than activity in the deep web.

Whether Decentralised exchanges or Mixers are not illegal to operate by means of any laws but they stopped the market circulation when they forced exchanges to delisted the Monero means less volume so exchange solely focused on Monero for P2P no longer get business like they do so this happened due to the restrictions on centralized exchanges indirectly affected the market of Monero.

The problem with localmonero is that the platform cannot enforce Kyc identity verification procedures because this fundamentally contradicts the principle of privacy provided by the Monero protocol. This means that there would be no meaning in including this particular currency if the identity of its users were to be verified. This makes it almost impossible for the platform to enforce anti-money laundering measures in any other way.
At the same time, we all know that sooner or later any peer-to-peer exchange platform that does not impose identity verification requirements in accordance with anti-money laundering laws will be eliminated. Since necessity is the mother of invention, either users will get used to using platforms on the hidden web, or decentralized platforms will be launched every time one of them is closed, and we have a good example in Tornadocash because it works as a smart contract as a mix er and not a centralised services platform. Until alternative solutions are found, forums and social media remain the only solution currently available.

Partially, I am not opposed to imposing measures on any of the central platforms to enforce anti-money laundering policies, because the platform itself will become under supervision, and this is required to tighten protection over users’ data and assets.

Any centralized elements can and will be taken down by the government(s). While sad, I am not surprised.

You can still buy or swap Monero through decentralized means and this latest bad news has no effect on Monero whatsoever. In fact, I would say the regulators are pushing us towards further decentralization.

Counter productive for them and an incentive for us. All fine.  

The government is also trying to regulate DEXs and to implement KYC/AML regulations for very long time and as far as I know it's possible to some extend as well which is not good news.


XMR community is squeezed by the strict regulations and they have to use DEX to avoid this but as far as I know the trading volume on DEXs are pretty much zero and not available on many DEXes as well that shows the severity of this situation.

https://coinmarketcap.com/currencies/monero/#Markets

But if the community decided to boycott centralized exchanges and move to DEX which is good for us.

The government cannot do anything against a real DEX, but I do agree that there is a liquidity issue. I think it stems from how difficult the DEX landscape is to navigate for people who are not tech-savvy. A CEX is far easier and more convenient to use for the majority of people, but Monero is being banned on those centralized platforms.