Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Did Regulations Push LocalMonero Out? Privacy Coin Platform Bites The Dust

Share This Post

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.

Related Reading: Transaction Fees To The Rescue! Bitcoin Miners Find Solace In Network Activity

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 decentralized nature and potential for anonymous transactions, have become a particular point of concern.

While the exact reasons behind LocalMonero’s closure remain shrouded in some mystery, the timing paints a bleak picture. The platform’s decision to shut down follows a warning from the Financial Action Task Force (FATF), an intergovernmental watchdog, highlighting the potential misuse of P2P platforms for illicit financing. This, coupled with the ongoing delisting of privacy coins by major centralized exchanges, creates a chilling effect on the entire privacy-focused crypto ecosystem.

Privacy Vs. Regulation: A Collision Course

The closure of LocalMonero has sparked outrage and fear within the Monero community. Many see it as a blatant attack on their right to financial privacy. Freedom advocates have labeled the current regulatory landscape a “war on crypto,” urging users to band together and learn about digital privacy tools. They also compare the government’s approach to “terrorism,” arguing that it stifles innovation and creates an atmosphere of fear.

Related Reading: Commencement Exercises Chaos! Drug-Induced Bitcoin Speech Gets Booed At Ohio State

However, the concerns of regulators shouldn’t be entirely dismissed. Privacy coins, with their ability to obfuscate transaction details, can indeed be attractive for those seeking to launder money or finance illegal activities. Striking a balance between user privacy and effective AML/KYC (Know Your Customer) regulations is a complex challenge.

The Future of Privacy-Focused Crypto

The future of privacy-focused crypto projects like Monero hangs in the balance. While LocalMonero remains optimistic, pointing to upcoming developments within the Monero ecosystem like Haveno DEX and Full Chain Member Proofs (FCMP), the regulatory pressure is undeniable.

Featured image from The Drive, chart from TradingView

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Charles Hoskinson Faces 318M ADA Scandal – Will It Stop ADA’s Rise to $1?

The post Charles Hoskinson Faces 318M ADA Scandal – Will It Stop ADA’s Rise to $1 appeared first on Coinpedia Fintech News Just when Cardano, the decentralized blockchain platform, was seeing

60K BTC Wallets Tied to LockBit Ransomware Gang Leaked in Hacker Revenge

The post 60K BTC Wallets Tied to LockBit Ransomware Gang Leaked in Hacker Revenge appeared first on Coinpedia Fintech News “Don’t do crime CRIME IS BAD xoxo from Prague” That’s the message

Arizona and Oregon embrace Bitcoin in sweeping new laws

Two US states have taken significant steps to integrate Bitcoin and digital assets into public policy On May 7, Arizona and Oregon passed new laws that signal growing acceptance of crypto at the

De-Dollarization Watch: Bolivia to Launch Digital Currency to Tackle Cross-Border Payments

Edwin Rojas Ulo, president of the Central Bank of Bolivia, stated that the institution is currently consulting with international organizations regarding the design of a currency referred to as the

Ethereum To ‘Witness Big Breakout’ In The Next Two Weeks If This Level Holds

As price continues to trade sideways, Ethereum (ETH) has reclaimed a crucial level, which could kickstart a breakout toward the $2,100 resistance However, some analysts suggest that bulls need to

Solana Price Prediction 2025, 2026 – 2030: SOL Price Targets $500 Next?

The post Solana Price Prediction 2025, 2026 – 2030: SOL Price Targets $500 Next appeared first on Coinpedia Fintech News Story Highlights Solana Price Today is Solana coin price could reach a