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Yearly Archives: 2026

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24 Aug 2026
The Federal Reserve building in Washington, where a Federal Reserve September rate hike will be decided

Fed Holds at 3.50%-3.75% as September Rate Hike Stays Live

Categories Business

A Federal Reserve September rate hike remains firmly in play after the Federal Open Market Committee left its benchmark rate unchanged at 3.50% to 3.75% on 29 July, the fifth consecutive meeting at which it has stood pat. The decision passed on a 9-3 vote. Three policymakers dissented, each preferring an immediate quarter-point increase, and the committee’s statement pointed directly at the war in the Middle East as a source of elevated uncertainty.

The July meeting was the second chaired by Kevin Warsh, who was sworn in on 22 May 2026. Note that there was no Federal Reserve policy meeting in August; the committee’s next scheduled decision is on 16 September.

The vote, the dissents and the statement

The FOMC statement was unusually short. “The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve’s dual mandate,” it read, adding that the Fed is continuing its policy of maintaining ample reserves in the banking system.

On the economy, the committee said activity “is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East”, that productivity growth and capital investment are strong, that job gains have kept pace with the workforce and that the unemployment rate has changed little.

On prices, it was direct: “Inflation remains elevated relative to the Committee’s 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy.” The statement closed with a single sentence that markets read as a signal of intent: “The Committee will deliver price stability.”

Voting against were Beth M. Hammack of Cleveland, Neel Kashkari of Minneapolis and Lorie K. Logan of Dallas, all of whom preferred to raise the target range by a quarter of a percentage point at that meeting. Three dissents in a single direction is rare, and it is the clearest available signal that the committee’s centre of gravity has shifted towards tightening.

Why a Federal Reserve September rate hike is still live

Trading screens showing market data ahead of a possible Federal Reserve September rate hike

J.P. Morgan Wealth Management changed its base case shortly after the meeting, moving from no rate changes in 2026 to a quarter-point increase in September. Its chief investment strategist, Phil Camporeale, put it this way: “The combination of a slower-than-expected normalization of supply chains around the Strait of Hormuz and market questioning of inflation-fighting credibility after the July FOMC meeting has lowered the bar for a rate hike in September.”

The firm said on 5 August that futures pricing implied a roughly 65% chance of a September hike. It also noted that Warsh again offered limited forward guidance at his press conference, leaving markets with little to work with, and that the bond market repriced accordingly: short-term yields eased slightly after the meeting while long-term yields rose sharply, with the 30-year Treasury reaching its highest level since 2007.

The framing matters. On this reading, a September move would not be a response to an overheating economy. It would be a credibility exercise designed to keep long-run inflation expectations anchored while an external supply shock works its way through the price data.

What the inflation data shows

The most recent reading, published by the Bureau of Labor Statistics on 12 August, gives both camps something. The consumer price index rose 0.1% in July on a seasonally adjusted basis after falling 0.4% in June, and 3.4% over the 12 months to July, easing from 3.5% in the year to June. Core inflation, excluding food and energy, rose 0.2% on the month and 2.5% over the year.

Energy is where the conflict shows up. The energy index fell 1.5% in July, its second consecutive monthly decline, but was still 14.7% higher than a year earlier. Petrol prices were up 24.6% over 12 months and fuel oil up 39.1%. Airline fares, which track jet fuel with a lag, were 25.5% higher over the year. Shelter, the largest single component, rose 3.2%. The full release is available from the Bureau of Labor Statistics.

In other words, the headline rate is drifting down and core inflation is close to target, but the energy shock has not cleared. That is precisely the configuration that produces a split committee: one group sees disinflation in train, the other sees a supply shock that could re-accelerate if the Strait of Hormuz stays contested.

The data that lands before the decision

Two scheduled releases will shape the September meeting. The August consumer price index is due on Friday 11 September, four days before the committee convenes. Labour market data through August will also be in hand. J.P. Morgan Wealth Management has said that a string of cooler inflation prints, or a faster easing of energy-driven pressure, could remove the need for a credibility-focused hike altogether.

The larger variable is not economic but geopolitical. Shipping through the Gulf remains disrupted, and the pace at which supply chains around the strait normalise will do more to shape US energy prices over the autumn than anything the committee says. The firm’s strategists put crude at around $80 a barrel on 3 August and set out a scenario in which prices climb towards $120 if blockades persist and reserves cannot cushion supply, a level they described as manageable for the US economy but challenging for markets.

For households and savers, the practical effect of a single quarter-point move is modest, but the direction of travel matters for anyone borrowing, saving or moving money across borders. Documentation standards for cross-border transfers have already tightened this year, as our guides to proof-of-funds requirements in the UK, Canada and Australia and to the Noones shutdown and its effect on user funds both show.

Reader questions on the Fed decision

What did the Fed decide in July 2026?

The Federal Open Market Committee voted 9-3 on 29 July 2026 to keep the target range for the federal funds rate at 3.50% to 3.75%, the fifth consecutive meeting at which the range was left unchanged.

Who dissented, and what did they want?

Beth M. Hammack, Neel Kashkari and Lorie K. Logan voted against the decision. All three preferred to raise the target range by a quarter of a percentage point at that meeting.

When is the next Federal Reserve meeting?

The FOMC next meets on 15 and 16 September 2026, with the rate decision due on Wednesday 16 September at 2:00 p.m. Eastern time.

What is the current US inflation rate?

The Bureau of Labor Statistics reported that the consumer price index rose 0.1% in July on a seasonally adjusted basis and 3.4% over the 12 months to July, down from 3.5% in the year to June. Core inflation, excluding food and energy, was 2.5% over the year.

How is the Middle East conflict affecting the decision?

The FOMC statement said economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East, and attributed part of elevated inflation to supply shocks in certain sectors including energy. Energy prices were up 14.7% over the year to July.

Who is the current Fed chair?

Kevin Warsh, who took the oath of office as chairman of the Board of Governors on 22 May 2026 and was selected unanimously by the FOMC as its chairman. July was his second meeting in the chair.

Tamara News covers central bank decisions and their effect on prices, borrowing and cross-border money. See our related business and finance reporting linked in this article.

24 Aug 2026
The Grand Mosque in Mecca, the city where the Mecca Joint Defence Agreement was signed

Mecca Joint Defence Agreement Binds Saudi Arabia, Turkey, Pakistan

Categories World

Saudi Arabia, Turkey and Pakistan have signed a trilateral security treaty committing each to treat an armed attack on any one of them as an attack on all three. The Mecca Joint Defence Agreement was signed on 7 August 2026 in the Saudi holy city by Crown Prince and Prime Minister Mohammed bin Salman, Turkish President Recep Tayyip Erdogan and Pakistani Prime Minister Shehbaz Sharif. All three governments describe the pact as defensive, aimed at no particular country, and open to others willing to join.

It is the first arrangement of its kind linking a NATO member, the world’s largest oil exporter and the only nuclear-armed Muslim-majority state.

What the Mecca Joint Defence Agreement actually says

The operative clause is short. According to statements released by the three governments and reported by the Associated Press, the pact stipulates “that any armed attack against any one of the three states shall be regarded as an attack against them all”. Pakistan’s foreign ministry said the deal was “guided by the longstanding historical ties among the three states, based on the enduring bonds of brotherhood and Islamic solidarity that unite them”, and reflected a “shared commitment to further strengthening their collective security”.

Two days after the signing, Pakistan’s foreign minister Ishaq Dar said on X that the agreement was “purely defensive in nature” and that other countries could join if they were willing to uphold its principles and settle differences peacefully. He said the collective-defence stipulation was consistent with the right of individual and collective self-defence under Article 51 of the UN Charter, and added that “the Makkah Accord does not abrogate or replace any existing bilateral or multilateral agreements between these countries, or with other countries or organizations”. His comments are set out in this Associated Press report.

Turkish foreign minister Hakan Fidan had said a day earlier that the agreement was not aimed at Iran or any other country, and a Turkish official told Reuters that it was defensive in nature, not directed at any specific actor, and open to other regional states. The treaty is rendered variously in official and press accounts as the Mecca Joint Defence Agreement, the Makkah Joint Defence Agreement and, in some Al Jazeera reporting, the Mecca Joint Deterrence Agreement.

How three very different militaries fit together

Soldiers on parade, illustrating the military commitments in the Mecca Joint Defence Agreement

The three signatories bring markedly different assets. Turkey has NATO’s second-largest military and a domestic defence industry that has expanded quickly over the past decade. Saudi Arabia is the world’s top oil exporter, with the financial depth and regional influence that follows. Pakistan has decades of operational experience and is the only Muslim-majority country with nuclear weapons.

Ozgur Unluhisarcikli, who runs the German Marshall Fund’s South and Wider Europe office, told Al Jazeera the partners bring complementary strengths, “including Turkey’s defence-industrial capabilities, Saudi financial muscle and influence, and Pakistan’s military experience and strategic deterrent”. He was blunt about the limits: “It should be noted that this is a framework for closer strategic, military, and defence-industrial coordination among three influential regional powers and not a mutual defence pact that can be compared to NATO.”

In Islamabad, the defence analyst Abdullah Khan likewise cautioned against reading the agreement as a NATO equivalent, or as being directed against Iran.

The road from Doha to Mecca

The agreement did not appear from nowhere. Al Jazeera reports that negotiations began after the Hamas attack on Israel of 7 October 2023 and the war in Gaza that followed, then accelerated during the US and Israeli campaign against Iran that began in February 2026.

The most direct precursor was bilateral. Pakistan and Saudi Arabia signed a mutual defence agreement in September 2025, in the immediate aftermath of an Israeli strike on the Qatari capital Doha on 9 September that year. On 19 March 2026, the foreign ministers of Turkey, Pakistan and Saudi Arabia met in Riyadh during an Islamic summit and discussed what a joint security arrangement might look like.

Sharif arrived in Saudi Arabia the day before the signing, accompanied by army chief Asim Munir, and performed the Umrah pilgrimage in Mecca. Reporting from Ankara, Al Jazeera’s Resul Serdar said Turkish officials pointed to converging pressures: “Post-October 7 has changed the region dramatically… And now there is the crisis in the Strait of Hormuz and ongoing attacks on Iran, as well as Iran’s response to the regional countries.”

Reaction in Tehran and Jerusalem

Iran’s leadership issued no official statement. An Iranian member of parliament, Ebrahim Rezaei, was sharply critical on X: “Saudis must know that a paper agreement with Turkiye and Pakistan will not bring them security, just as years of one-sided dependence on the Americans did not bring them security.” He added: “Reform your policies so that you do not need to beg for security from others.”

Neither Israeli Prime Minister Benjamin Netanyahu’s office nor the Israeli foreign ministry commented on the pact. Some Israeli and American commentators have cast the deepening security ties among Turkey, Saudi Arabia, Pakistan and Egypt as the formation of a hostile Sunni bloc. Yasmine Farouk of the International Crisis Group argued in a report published on 20 July that the four states had instead reached a hard-won conclusion that “security in their neighbourhood can no longer be left at the mercy of rivalry between the US and Israel, on one side, and Iran, on the other”. Al Jazeera’s explainer on the agreement sets out the wider context.

What to watch in the months ahead

The first test is membership. The three signatories say the pact is open to any state prepared to accept its principles, and the list of plausible candidates begins with Egypt, Qatar and Azerbaijan. Each addition would change what the treaty means in practice.

The second is institutional. Reporting from Doha, Al Jazeera’s Osama bin Javaid said the deal is intended to align the three on intelligence sharing and to widen cooperation on energy, defence spending and defence manufacturing. Whether a joint command, a standing planning staff or concrete industrial projects emerge will show how much of the agreement is operational rather than declaratory.

The third test is the one nobody wants: an actual attack on a signatory. Until that happens, the clause remains untested, and the analysts quoted above are careful to say that a collective-defence sentence is not the same thing as a functioning alliance.

The knock-on effects are visible in how people and capital move. Residency routes such as the UAE golden visa for business owners have drawn steady interest, while financial screening for travellers has tightened, as our guide to proof-of-funds rules in the UK, Canada and Australia explains.

Questions readers are asking

What is the Mecca Joint Defence Agreement?

It is a trilateral security treaty signed on 7 August 2026 in Mecca by Saudi Arabia, Turkey and Pakistan. According to statements released by the three sides, it stipulates that any armed attack against any one of the three states shall be regarded as an attack against them all.

Who signed it?

Saudi Crown Prince and Prime Minister Mohammed bin Salman, Turkish President Recep Tayyip Erdogan and Pakistani Prime Minister Shehbaz Sharif, accompanied by their foreign and defence ministers.

Is it aimed at Iran?

All three governments say no. Pakistan’s foreign minister Ishaq Dar called it purely defensive in nature, Turkish foreign minister Hakan Fidan said it was not aimed at Iran or any other country, and a Turkish official told Reuters it was not directed at any specific actor.

Is this a NATO for the Muslim world?

Analysts caution against the comparison. Ozgur Unluhisarcikli of the German Marshall Fund called it a framework for closer strategic, military and defence-industrial coordination rather than a mutual defence pact comparable to NATO.

Can other countries join?

Yes. Dar said other countries could join if they were willing to uphold its principles and resolve differences through peaceful means. A Turkish official said the pact was open to other regional countries.

Does it replace existing alliances?

No. Dar wrote that the agreement does not abrogate or replace any existing bilateral or multilateral agreements between the three countries, or with other countries or organisations, and said its collective-defence clause is consistent with Article 51 of the UN Charter.

Tamara News is tracking how the new security architecture reshapes travel, trade and investment across the region. Our related coverage is linked above.

24 Aug 2026
Oil tanker at sea illustrating the Strait of Hormuz tanker attacks reported by the UAE

UAE Halts All Iran Trade After Strait of Hormuz Tanker Attacks

Categories World

The United Arab Emirates has suspended all trade with Iran, closing one of Tehran’s most important commercial channels, after the Strait of Hormuz tanker attacks that Abu Dhabi blames on Iranian forces. The Emirati foreign ministry said on 19 August that “all trade, commercial exchanges and financial transactions with Iran have been halted until further notice”. The statement followed an announcement by the UAE defence ministry that its air defences had detected two ballistic missiles fired from Iran the previous day. Iran denies launching them and has not claimed responsibility for the shipping attacks.

The rupture ends a commercial relationship that survived decades of sanctions and diplomatic estrangement, and it comes at a moment when the world’s most important oil corridor is only partly functional.

What the Strait of Hormuz tanker attacks involved

The Abu Dhabi National Oil Company, ADNOC, said two of its vessels were attacked while transiting the strait on the evening of Thursday 13 August, and that the situation was subsequently “brought under control”. No injuries were reported. In a statement issued in the early hours of the following morning, the UAE Ministry of Foreign Affairs said it “strongly condemned and denounced the hostile Iranian attack that targeted two vessels affiliated with ADNOC as they transited the Strait of Hormuz”.

It was the second such incident in under a week. On Saturday 8 August the UAE reported an attack on a separate ADNOC tanker, which it attributed to Iran’s Islamic Revolutionary Guard Corps. Iran did not comment on either episode.

ADNOC has said that 15 of its vessels have been attacked while transiting the waterway since the United States and Israel began their war on Iran in February. The Emirati foreign ministry described Iranian attempts to use the strait as a tool of economic coercion as “piracy” and a “direct threat to the stability of the region, its peoples, and the global energy supply”. Full detail on the incident is in Al Jazeera’s report on the attacks.

Why Abu Dhabi severed commercial ties with Tehran

The trade suspension was triggered by a separate incident five days later. On Tuesday 18 August, the UAE defence ministry said it had detected two ballistic missiles launched from Iran, one of which fell outside Emirati territorial waters and one inside them. In a follow-up statement the ministry said the missiles had been “targeting maritime traffic” and pledged to “resolutely confront any attempt to undermine the security of the nation or maritime navigation in the region”.

Iran’s foreign ministry rejected the accusation as “baseless”. Its spokesman, Esmaeil Baghaei, suggested the episode was a “false flag operation” and said the claim “contradicts the principle of good neighbourliness”, urging regional governments to weigh what he called the “malicious actions” of the United States and Israel.

Abu Dhabi announced the embargo the following morning, citing “escalations that undermine peace and security in the region”. It was the first missile strike aimed at the UAE since May, according to Al Jazeera, and it came a day after a 60-day window for US-Iranian talks expired without a breakthrough. In the first six weeks of the war, Iran directed more fire at the UAE than at any other Gulf state, launching more than 530 ballistic missiles, dozens of cruise missiles and more than 2,200 drones at what it described as US assets.

The commercial stakes are unusually high. Mark Kimmitt, a retired US general and former assistant secretary of state, told Al Jazeera that Dubai had quietly become Iran’s most important trading partner, ahead of both China and Turkey, supplying roughly a third of everything Iran imports each year. “In many ways, the embargo being put on by the UAE is even more significant than the embargo being put on by the United States,” he said. Dubai’s standing as a financial centre, he added, has long given Iranian entities a discreet route around international sanctions.

The UAE had already suspended direct cargo shipping with Iran in early March, days after the war began, before resuming it in late June through Dubai’s Jebel Ali Port. Companies operating in the Emirates have spent much of 2026 adjusting to shifting compliance rules; anyone weighing corporate structures there may find our guide to choosing between a UAE free zone and a mainland company a useful starting point.

The waterway at the centre of the dispute

Abu Dhabi waterfront, the trading hub at the centre of the Strait of Hormuz tanker attacks dispute

The Strait of Hormuz is the only sea route between the Gulf and the open ocean, which makes it the most consequential chokepoint in the oil trade. Iran has maintained what Al Jazeera describes as an effective blockade of the waterway and has sought to charge vessels for passage. Washington rejects that proposal outright and has imposed a counter-blockade on Iranian ports, with President Donald Trump signalling a shift towards economic rather than military pressure.

Iran has been negotiating separately with Oman over arrangements for managing the strait. In early August, Iranian officials said a framework had been reached with Muscat on a proposed shipping route, though the arrangement had not resolved the underlying dispute with Washington by the time the ADNOC vessels were hit.

Payment and settlement channels have tightened alongside the physical ones. The compliance squeeze on cross-border money movement has been felt well beyond the Gulf this year, as the shutdown of the Noones platform under EU sanctions illustrated for retail users.

Where the standoff goes from here

Three variables will determine whether the rupture hardens. The first is whether other Gulf states follow. Kimmitt told Al Jazeera he expects a “wait-and-see” approach from the UAE’s neighbours rather than immediate imitation, even if Iranian attacks continue.

The second is Tehran’s reading of the measure. Kimmitt said Iran could interpret a near-total commercial cut-off as bordering on an act of war, a framing that would raise rather than lower the risk to shipping.

The third is the Hormuz negotiation itself. If the Iran-Oman framework produces a functioning transit arrangement, pressure on shipping may ease and the political cost of the embargo falls mainly on Tehran. If it collapses, the UAE will be enforcing a trade ban while its own tankers remain exposed in the same stretch of water.

Neither government has set out a route back. The Emirati statement placed no time limit on the suspension, and Tehran’s flat denial leaves little face-saving room. For businesses with exposure on both sides, the immediate questions concern licensing, banking access and residency; our explainer on the UAE golden visa for business owners sets out how the residency side currently works.

Frequently asked questions

What are the Strait of Hormuz tanker attacks?

They are a series of missile and drone strikes on commercial shipping passing through the Strait of Hormuz. The UAE says two vessels linked to the Abu Dhabi National Oil Company were hit on the evening of 13 August 2026, days after a separate ADNOC tanker was struck on 8 August. Abu Dhabi blames Iran. Tehran has not claimed responsibility and has not commented on the incidents.

How many ADNOC ships have been attacked?

ADNOC has said 15 of its vessels have been attacked while transiting the Strait of Hormuz since the United States and Israel began their war on Iran in February 2026.

What exactly did the UAE suspend?

The UAE Ministry of Foreign Affairs said on 19 August 2026 that all trade, commercial exchanges and financial transactions with Iran had been halted until further notice. No end date was given.

Why does the trade ban matter so much to Iran?

Mark Kimmitt, a retired US general and former assistant secretary of state, told Al Jazeera that Dubai supplies roughly a third of everything Iran imports each year and has long provided a discreet route around international sanctions.

Has Iran responded to the accusations?

Yes. Iran’s foreign ministry spokesman, Esmaeil Baghaei, called the missile allegation baseless and suggested it was a false flag operation. Iran has separately declined to comment on the attacks on ADNOC vessels.

Is the Strait of Hormuz open?

Only partially. Iran has maintained an effective blockade and has sought to charge vessels for passage, while the United States has imposed a counter-blockade on Iranian ports. Iran and Oman have been negotiating a framework for shipping routes through the waterway.

Tamara News continues to follow the Gulf shipping crisis and its commercial consequences. Related coverage on regional business rules and cross-border payments is linked throughout this report.

24 Aug 2026
NoOnes shutdown leaves P2P crypto traders checking balances on a mobile platform

NoOnes Shutdown: What Happens to 2.5 Million Users’ Crypto Now

Categories Business

The NoOnes shutdown is now complete, and for some of the platform’s 2.5 million users the timing could not be worse. The peer-to-peer marketplace closed permanently at 23:59 UTC on 21 August 2026, and the company’s own advice was to withdraw every balance no later than Sunday 23 August. That date has passed.

NoOnes was heavily used across Nigeria, Kenya and Ghana, where peer-to-peer platforms have long filled the gap left by limited access to conventional international banking. Its closure removes one of the larger remaining P2P venues serving those markets, and it follows the earlier retreat of LocalBitcoins and Paxful from the same space.

Here is what happened, what it means if your money is still inside, and how to think about the migration offers now competing for former NoOnes traders.

Why NoOnes closed

This was not a commercial wind-down. NoOnes said it was affected by an EU sanctions listing, which cost it banking access and liquidity partners, and led blockchain monitoring firms to reclassify transactions associated with the platform as high risk. Once compliance providers apply that label, ordinary operations become extremely difficult: partners withdraw, payment rails close, and counterparties stop accepting flows.

The context is the European Union’s 21st sanctions package against Russia, adopted on 23 July 2026. That package extended a transaction ban to 14 crypto-related service platforms based in Georgia, Panama, the UAE, the Marshall Islands, Kyrgyzstan and Belarus, alongside asset freezes on 94 banks and financial institutions.

One point deserves care. As CoinDesk reported at the time, the EU did not publicly name those 14 platforms when the package was announced. The link between the sanctions and this closure rests on NoOnes’ own account of why it is winding down, reported across the crypto trade press. We have not independently verified that NoOnes appears by name on the EU consolidated list, and readers should treat the specific listing as the company’s stated explanation rather than as confirmed public record.

The timeline, and why the dates matter

DateWhat happened
23 July 2026EU adopts 21st sanctions package, extending transaction bans to 14 unnamed crypto platforms
17 August 2026NoOnes begins winding down services
21 August 2026, 23:59 UTCP2P marketplace closes permanently, along with Swap, the Visa card, fiat off-ramps, the gift card store and Lightning payments
23 August 2026Final date NoOnes advised users to complete withdrawals

The compressed schedule is the heart of the problem. Users had roughly six days between the first wind-down notice and the closure of trading, and two more days to move remaining balances. For anyone who was travelling, had an unverified account, held a currency outside the surviving withdrawal routes, or simply did not see the notice, that window was easy to miss.

What withdrawal routes remained

By the end, NoOnes supported withdrawals only through the Bitcoin (BTC) network and Tether (USDT) on TRON. Fiat withdrawal, swaps and the gift card store were switched off with the marketplace.

That restriction matters more than it first appears. A user holding a balance in another asset needed to convert before withdrawing, but Swap had already closed. Sending USDT on the wrong network — Ethereum or BNB Chain rather than TRON — risks loss. And users whose accounts were under review or verification hold had no route at all.

If your funds are still on the platform

There is no reassuring answer here, and it would be dishonest to offer one. Once a platform ceases operations, recovery depends entirely on whether the entity continues to process claims, and on whether its own banking and blockchain access permits it to. Nobody outside the company can promise an outcome.

What is worth doing:

Document everything now. Screenshot your balance, transaction history, account ID and any correspondence, with visible dates. If a claims process opens later, or if a regulator or liquidator becomes involved, contemporaneous records are what you will need. Do this before app access degrades further.

Use only official channels. Contact NoOnes through the addresses published on its own domain and its verified social accounts. Do not respond to anyone who approaches you first.

Treat every “recovery service” as fraudulent until proven otherwise. Platform collapses reliably attract recovery scams, and they intensify in the days immediately after a deadline passes. Nobody legitimate will ask for an upfront fee, your seed phrase, your private keys, or remote access to your device in order to retrieve funds. Anyone who does is stealing from you.

Report it locally. In Nigeria that means the EFCC and, where a bank account was involved, your bank’s fraud desk. In Kenya, the Directorate of Criminal Investigations. Reports may not recover money, but they build the record that regulators act on.

NoOnes had warning signs before this

Readers deciding where to move next deserve the full history rather than only the closure notice.

In January 2025, NoOnes confirmed an $8 million exploit — but only weeks after it occurred, and only after the on-chain investigator ZachXBT had publicly identified it. Users had also reported locked accounts and unresolved withdrawal delays over an extended period before the shutdown.

The platform was founded by Ray Youssef, previously chief executive of Paxful, who later ceased to be CEO of NoOnes. Paxful itself had publicly distanced itself from the venture in 2024.

None of this caused the sanctions problem. It is relevant for a different reason: delayed disclosure of a major loss is a governance signal, and governance is exactly what you are assessing when you choose the next place to keep your money.

Assessing the migration offers

Competing platforms moved quickly to court 2.5 million displaced users, and several are running incentive campaigns aimed specifically at former NoOnes traders. CoinCola has an active promotion for new Nigerian users and is among the platforms publishing migration guidance. Others serving the same corridors include Binance P2P, Bybit P2P, Yellow Card and Busha.

Tamara News is not affiliated with any of them, was not paid for this article, and does not endorse any platform. Two points are worth making plainly.

First, a sign-up bonus is not a safety assessment. The incentive tells you a platform wants market share. It tells you nothing about its licensing, reserves, governance or resilience. NoOnes ran promotions too.

Second, the lesson of this closure is concentration risk. Users lost access because a balance sat on a single third-party platform that failed suddenly for reasons entirely outside their control and impossible to predict. Moving the whole balance from one such platform to another reproduces the exact exposure. Holding only what you are actively trading, and withdrawing the rest to a wallet you control, is the structural response.

What happens next

NoOnes has given no public indication of a claims process for users who missed the deadline. Whether one emerges may depend on the entity’s own status under the sanctions regime, which remains unclear from public sources.

The broader trend is not reassuring for P2P users in Africa. More than 120 crypto projects shut down during 2026, according to RootData. With LocalBitcoins gone, Paxful diminished and NoOnes closed, the number of established venues serving Nigerian, Kenyan and Ghanaian traders continues to narrow — and each closure concentrates more users onto fewer platforms.

Frequently asked questions

Is NoOnes gone permanently?

The P2P marketplace closed permanently at 23:59 UTC on 21 August 2026, together with Swap, the Visa card, fiat off-ramps, the gift card store and Lightning payments. The company has described this as a wind-down rather than a temporary suspension.

Can I still withdraw from NoOnes after 23 August 2026?

NoOnes advised users to complete withdrawals no later than 23 August 2026 and has not publicly confirmed what access remains afterwards. If you still hold a balance, contact NoOnes through its official channels immediately and document your holdings with dated screenshots.

Why was NoOnes sanctioned?

NoOnes attributed its wind-down to an EU sanctions listing that severed banking access and liquidity partnerships and caused compliance firms to flag its transactions as high risk. The EU’s 21st package, adopted 23 July 2026, extended transaction bans to 14 crypto platforms which were not publicly named at announcement. NoOnes’ inclusion rests on the company’s own statement rather than confirmed public record.

Which withdrawal networks did NoOnes support at the end?

Only the Bitcoin (BTC) network and Tether (USDT) on the TRON network. Sending USDT on any other network risked loss.

Is it safe to move to another P2P platform?

Every custodial platform carries the risk that you lose access for reasons outside your control. Check licensing in your jurisdiction, the platform’s disclosure history, and its escrow and dispute processes. Treat sign-up bonuses as marketing rather than evidence of safety, and avoid holding more on any platform than you are actively trading.

How do I avoid recovery scams after an exchange closes?

Assume anyone who contacts you offering to recover funds is a fraudster. No legitimate party requires an upfront fee, your seed phrase, your private keys or remote access to your device. Initiate contact yourself through the platform’s official domain, and report approaches to your national authority.

Tamara News is not affiliated with NoOnes, CoinCola or any platform named in this article, and was not paid to publish it. This is reporting, not financial advice. Cryptoasset trading is high risk, prices are volatile, and cryptoassets are largely unregulated in many markets, which may leave you without recourse. Verify current terms and platform status directly before acting.

24 Aug 2026
CoinCola first trade bonus illustrated by a mobile crypto transfer on a smartphone

CoinCola Is Paying New Nigerian Users ₦1,888 for Their First Naira Trade

Categories Business

Tamara News is not affiliated with CoinCola and was not paid to publish this. We report promotions like this because readers ask about them; we do not endorse the platform and earn nothing if you sign up.

Available in Nigeria only. This promotion is open to CoinCola users trading in Nigerian Naira. It is not an offer, inducement or invitation to residents of the United Kingdom, the European Union, or any jurisdiction where cryptoasset incentive promotions are restricted.

Risk warning. Cryptoasset trading is high risk. Prices are volatile and you can lose money, including more than you deposit if using leverage. Cryptoassets are largely unregulated in many markets and you may have no recourse if something goes wrong. Do not trade with money you cannot afford to lose.

CoinCola has opened a cashback offer for new Nigerian users: complete your first Naira Balance trade on the platform and receive ₦1,888, paid into your CoinCola wallet.

The promotion runs from 22 August to 31 August 2026 and is limited to users who have never completed a P2P Naira trade on the exchange.

What the offer actually is

The reward is a one-off cash credit, not a trading bonus or a matched deposit. CoinCola credits ₦1,888 to your wallet after you complete a qualifying trade.

Reward₦1,888, credited to your CoinCola wallet
Window22–31 August 2026
Who qualifiesNew users who have never completed a P2P Fiat NGN trade
RequirementCompleted KYC identity verification
Qualifying actionFirst Buy or Sell using Naira Balance
Payment timingWithin 15 business days of the trade
LimitOnce per user

How to qualify

Complete KYC verification. Identity verification is mandatory for the reward. Accounts that have not completed KYC are not eligible, regardless of trading activity.

Make your first Naira Balance trade. Either a buy or a sell qualifies, provided it uses Naira Balance and is your first P2P NGN trade on the platform.

Wait for the credit. CoinCola states the reward arrives within 15 business days of the qualifying trade — roughly three calendar weeks, not instantly.

Terms worth reading before you start

CoinCola’s published conditions include several points that decide whether you actually get paid.

The reward applies once per user, for genuine first-time NGN trades. Attempting to qualify multiple times through additional accounts will not work.

Fraudulent activity or account manipulation results in disqualification. Multi-accounting is the obvious risk here, and it forfeits the reward.

CoinCola reserves the right of final interpretation for the promotion. In practice that means the platform decides eligibility disputes, and there is no independent appeal.

The 15-business-day payment window is the platform’s stated timeline, not a guarantee, and business days exclude weekends and public holidays.

Who this is and isn’t for

The offer is aimed at people who were already considering using a P2P exchange in Nigeria and have not yet traded on CoinCola. For them, ₦1,888 is a modest incentive to choose one platform over another.

It is not a reason to start trading cryptocurrency if you were not otherwise going to. The reward is fixed and small; the trade you must complete to earn it carries market risk that is not fixed and not small. Anyone treating a sign-up bonus as a reason to enter a volatile market is taking on far more downside than the incentive is worth.

If you are new to crypto entirely, understand what P2P trading involves — counterparty risk, escrow mechanics, dispute handling — before putting money in. The bonus does not change any of that.

What happens next

The window closes on 31 August 2026. CoinCola has run similar campaigns before, including P2P bonuses and regional fee discounts, so this is unlikely to be the last, but the terms of any future promotion may differ.

Full campaign terms are on CoinCola’s help centre.

Frequently asked questions

Who is eligible for the CoinCola ₦1,888 reward?

New CoinCola users who have never completed a P2P Fiat NGN trade on the platform, and who have completed KYC identity verification. The reward applies once per user.

How long does the CoinCola reward take to arrive?

CoinCola states the ₦1,888 is credited to your wallet within 15 business days of the qualifying trade. Business days exclude weekends and public holidays, so allow roughly three calendar weeks.

Does the trade have to be a buy, or does selling count?

Either. CoinCola’s terms say a first Buy or Sell using Naira Balance qualifies, provided it is your first P2P NGN trade.

When does the CoinCola promotion end?

The activity period runs from 22 August to 31 August 2026. Trades completed outside that window do not qualify.

Is the reward guaranteed?

No. CoinCola reserves the right of final interpretation for the promotion, and fraudulent activity or account manipulation results in disqualification. Confirm current terms directly with CoinCola before participating.

More coverage in Business.

We do not verify third-party promotional terms beyond what the provider publishes. Confirm current terms directly with CoinCola before participating.

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