EU Sanctions Force NoOnes Into Withdrawal-Only Mode
Cryptocurrency platform NoOnes has transitioned into a withdrawal-only operational mode, strongly advising customers to remove their full balances, according to a report by CryptoSlate. The platform set a target date of August 23 for users to clear their funds, though management noted that this deadline was not a final platform shutdown cutoff.
The wind-down process follows European Union regulatory measures that added an entity named NoOnecrypto INC. to its sanctions list under a framework prohibiting transactions with specific non-European Union financial and crypto-asset service providers. While NoOnes previously maintained that it operated independently of the listed entity and initially claimed that operations remained normal, the platform later acknowledged it could not resolve the compliance issues.
According to the report from CryptoSlate, NoOnes cited the loss of essential business partners and the actions of blockchain-monitoring firms as primary drivers for the closure. Analytics provider Chainalysis labeled the targeted entities within its compliance products, and major platforms such as Bitget warned users about potential restrictions on transactions connected to the listed entities.
NoOnes stated that its peer-to-peer marketplace, Visa integrations, gift card services, and the majority of asset networks were shut down ahead of the August deadline. Remaining withdrawal options are limited to regular Bitcoin mainnet transactions and Tether on the TRC-20 network. The company warned that external receiving exchanges might delay or reject incoming transfers from its platform. Accounts currently placed on hold will transition to restricted status to permit withdrawals after administrative reviews are completed.
The platform, which served over 2.5 million users during its operational history, has not yet announced a definitive termination date for the temporary withdrawal functionality.
Based on reporting by cryptoslate.com.
