[FLAG] Novaexhange.com

[Timelord2067]

My flag is against

• [Flag] novaexchange
• [Flag] Nova Exchange

who are owners or part owners of novaexchange.com who have announced they are closing and that users can only withdraw if they have verified via their KYC process.

I have tried multiple times to verify myself via their convoluted KYC process, however they at first ignored my comments, then simply said to email them which went un-responded.

Their official thread Nova Exchange [Archive] has had no response since the 18th of July when I posted that I could not verify myself via their KYC process.

I've seen comments that I am not the only one to be unable to verify via KYC, so I am left with no option other than to create a flag.

*edit*

A question came up in a seperate thread asking if you knew what their terms were, why did you still sign up (but not complete the KYC process) ? Well, on novaexchange's website they had tiers for signing up, tier one was user name (plus AFAIK email which gets verified) - you can sign in and view the trading floor, but can't trade.  Tier two you register (user name+email) and can then upload crypto and trade *but* you cannot withdraw unless you complete the KYC - most importantly, you are given 12 months from when you first register to complete the KYC process.

There are at least two emails that have been sent by nova to customers, unlike the website which has kept quiet about it, the email says (and I kid you not)

- Starting from October 28th until November 27th, there will be an equivalent to 0.0001 BTC custody fee charged at the time of the withdrawal request.


- Starting from November 28th until December 19th, there will be an equivalent to 0.005 BTC custody fee charged at the time of the withdrawal request.


- Starting from December 20th until January 27th, there will be an equivalent to 0.01 BTC custody fee charged at the time of the withdrawal request.


- From January 28th 2020 onwards the Nova website will be closed and users will have to get in touch with us to claim their assets.


- The custody fee will increase by 0.005 BTC every month on the 28th onwards.

Given they are dragging the chains to confirm people, until wouldn't you know it? You have to pay an additional fee to withdraw your coins...

novaexchange has varied the terms of use of their website, they should allow all users to withdraw our funds without charge especially given some of us are documented as having tried to complete their registration/KYC process and been unable to complete the process.


I would be interested to hear if novaexchange.com has sought a legal opinion as to whether or not their course of action would stand up to scrutiny in court.

[1713559092]

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[1713559092]

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[Timelord2067]

A question came up in a separate thread asking if you knew what their terms were, why did you still sign up (but not complete the KYC process) ? Well, on novaexchange's website they had tiers for signing up, tier one was user name (plus AFAIK email which gets verified) - you can sign in and view the trading floor, but can't trade.  Tier two you register (user name+email) and can then upload crypto and trade *but* you cannot withdraw unless you complete the KYC - most importantly, you are given 12 months from when you first register to complete the KYC process.


I would be interested to hear if novaexchange.com has sought a legal opinion as to whether or not their course of action would stand up to scrutiny in court.

[squatter]

I would be interested to hear if novaexchange.com has sought a legal opinion as to whether or not their course of action would stand up to scrutiny in court.

The Chairman of the parent company, John Tengström, is apparently a lawyer. Whether he's a good one, I don't know.

Nova Exchange does appear to be controlled by Goobit AB, who is actively registered with the Finansinspektionen. You might consider contacting them and filing a complaint.

Are they not accepting your documents, or is the automated process failing and they aren't responsive?

[Timelord2067]

Are they not accepting your documents, or is the automated process failing and they aren't responsive?

The automated process has repeatedly failed and I have been trying to contact them for months without success.

Their official thread Nova Exchange [Archive] has had no response since the 18th of July when I posted that I could not verify myself via their KYC process.

[Timelord2067]

Bump of Flags.

[examplens]

Bump of Flags.

I'm not sure if you know Novaexchange was closed. Not worthy of further discussion and flags does not mean anything. It is history.
You easy can lock this topic.

Code:

The Board of Directors of the parent company has decided to set a new course for Nova and reshape the value offer into a new crypto trading experience. This means that on Monday, October 7, trading on Nova Exchange will cease and close. At the same time the Nova API will be deactivated.

The Nova Exchange terms & conditions are terminated. New terms & conditions are announced and will come into effect automatically in 30 days from this announcement, on October 25, 2019.

The most important part of this message is this:
This is purely a Business Decision.
There has been no hack.
There has been no fraud.
There has not been any wrongdoing of any kind whatsoever.
Nova Exchange will not assume responsibility for swaps or forks starting from today onwards.
Goobit Group, that owns Nova, also operates the well known Swedish bitcoin exchange service BTCX. Starting from 2012, our team is among the best and the most experienced in the world in dealing with crypto assets. Now, even if we can’t disclose our exciting plans today, we can tell you that Nova, in some form, will enrich and play a key role in shaping the crypto future for the masses, however not in the shape and form that you know today.

What happens now?
Obviously you, as a trader, are encouraged to withdraw your funds as soon as possible. Our team stands ready to help you get a smooth withdrawal process, however, the rules regarding identification (KYC), as stated in the terms of service that you have accepted when opening your account, must, and will, stand.

[Timelord2067]

Bump of Flags.

I'm not sure if you know Novaexchange was closed. Not worthy of further discussion and flags does not mean anything. It is history.

Thanks for confirming that Novaexchange has now closed.

Can I just get you clarify what you just said that the purse snatcher has run away with the purse so there is no point in chasing after the thief?

Did you really just say that?

[examplens]

Bump of Flags.

I'm not sure if you know Novaexchange was closed. Not worthy of further discussion and flags does not mean anything. It is history.

Thanks for confirming that Novaexchange has now closed.

Can I just get you clarify what you just said that the purse snatcher has run away with the purse so there is no point in chasing after the thief?

Did you really just say that?

No, just say that flags on the abandoned forum accounts of closed business don't mean much. they didn't worry too much about the reputation here until now, now for sure, they have no reason for it. This thread is about his reputation and flag against them. I am not sure how these flags can help to get back the purse.

As I see, they are now in BTCX shoes, we need to shift to that.

Code:

Goobit Group, that owns Nova, also operates the well known [b]Swedish bitcoin exchange service BTCX[/b]. Starting from 2012, our team is among the best and the most experienced in the world in dealing with crypto assets. Now, even if we can’t disclose our exciting plans today, we can tell you that Nova, in some form, will enrich and play a key role in shaping the crypto future for the masses, however not in the shape and form that you know today.

btw. I supported both of your flags, but they still inactive because haven't enough support.

[Timelord2067]

btw. I supported both of your flags, but they still inactive because haven't enough support.

Thank you for the clarification and your support.

[logfiles]

I have supported the flags, one more DT member to support them, and they will become active. Sorry about the ordeal.

I'm not sure if you know Novaexchange was closed. Not worthy of further discussion and flags does not mean anything. It is history.
You easy can lock this topic.

You never know what could happen in the near future. The flags could serve as a reminder on what happened... You can't just let it go like that.