NoOnes shifts to withdrawal mode under sanction pressure

The P2P cryptocurrency trading platform NoOnes has begun a gradual shutdown after over three years of operation and serving more than 2.5 million users, stating that it has failed to lift the sanctions imposed on the platform.

NoOnes indicated that the sanctions have caused it to lose essential partners; blockchain monitoring service providers have classified associated wallets and transactions as high-risk, leading to a contraction in payment, liquidity, and compliance channels necessary for continued operation.

The business contraction started at 06:00 UTC on August 17, and the P2P market will close at 23:59 UTC on August 21. The platform requires users to complete any pending transactions before the market closes.

NoOnes Swap, Visa card, fiat withdrawals, gift card store, Bitcoin Lightning Network, partner revenue sharing, new user registration, and USDT networks other than TRC-20 will close that week; Bitcoin mainnet and TRC-20 USDT withdrawals will remain available for now.

After the P2P market closes, NoOnes will only retain login, balance inquiry, customer service, and withdrawal functions. Accounts currently in a frozen state will be adjusted to a trading prohibition but allow withdrawals to release available balances.

In market mechanisms, entities under sanctions have their risk ratings increased by on-chain risk control systems, leading exchanges, payment service providers, market makers, and fiat channels to reduce their willingness to cooperate due to compliance responsibilities or risks of fund interception; liquidity and deposit/withdrawal channels shrink first, making it difficult for P2P platforms to complete secure settlements even if there is user demand. Users with self-custody wallets can prioritize migrating their assets, while users transferring directly to centralized exchanges may face delays, refusals, or restrictions.

Source: Public Information