Prominent No-KYC Crypto Exchanges LocalMonero and AgoraDesk Shut Down
May 10, 2024 at 3:53 AM

Prominent No-KYC Crypto Exchanges LocalMonero and AgoraDesk Shut Down

LocalMonero and AgoraDesk, prominent no-KYC exchange platforms, have announced that will be ceasing operations amidst a dwindling landscape for crypto privacy services. These platforms, which served as vital avenues for privacy-focused transactions during 7 years, are urging users to reclaim their funds as they prepare to shut down. The P2P exchange AgoraDesk gained renown for enabling Bitcoin trades without KYC requirements, thanks to its matchmaking process connecting buyers and sellers while also ensuring the security of transactions. Meanwhile, LocalMonero was frequently regarded as the Monero alternative to the also now-defunct LocalBitcoins.com, facilitating entirely anonymous transactions and popularizing the use of Monero with an emphasis on privacy.

Effective immediately, LocalMonero has disabled new signups and advertisements for Monero trades, with trading set to halt on May 14. The platform cited “a combination of internal and external factors” for its closure, including a broader hostility towards privacy-focused products and services. Users have been advised to withdraw their funds before November 7 to avoid forfeiture.

This development underscores the challenges faced by privacy coins and protocols, particularly amid increased regulatory scrutiny from authorities worldwide. The United States has escalated its fight against privacy-centric cryptocurrencies like Monero and DASH, while the EU has recently tightened restrictions on Monero trading by imposing caps on anonymous cash payments and prohibiting cryptocurrency wallets operated by third-party providers (hosted wallets), such measures have become evident in incidents involving platforms like Samourai Wallet, where founders were arrested on money laundering charges two weeks ago.

The closure of these platforms highlights the importance of no-KYC exchanges as alternatives to more popular centralized platforms like Binance, which have faced privacy breaches in the past. Despite the setback, the team remains optimistic about Monero's future, citing the upcoming launch of decentralized exchanges like Haveno (coming later this year) and Serai DEX, along with advancements such as Full-Chain Membership Proofs (FCMPs). While LocalMonero's closure leaves a void in the fiat-to-XMR landscape, decentralized alternatives like Hodl Hodl, LocalCoinSwap, Peach Bitcoin, and Bisq continue to offer interesting options for privacy-conscious users.

May 10, 2024 by Mauricio B. Holguin

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Comments

Mr. Anon
CommentMay 10, 2024

Really sucks. Another "L" for privacy efforts. People should really pay attention on a broader scale of what is really going on!

5
Darlene Sonalder
CommentMay 10, 2024

So sad this happen this soon. Thanks for the seven years of good services ! 🫡

3
Gu