Nova Exchange is closed.

[exstasie]

Why do old exchanges continue to close such as cryptopia, coinexchange and the new nova exchange, what is the reason for the lack of users or teams that are no longer solid?

Cryptopia got hacked. So that one's easy.

Coinexchange simply never attained enough popularity to be profitable. They have over 500 markets listed and not even 30 BTC daily trading volume. It wasn't sustainable so they decided to fold......unsurprising in this saturated market.

With Nova Exchange, I'm not sure. I always thought them closing down and reopening (alienating their entire user base) was a ridiculously stupid business move. As I expected they never recovered. The closure could just be a matter of business as with Coinexchange. Or it could be more nefarious as some people allege:

This was a long orchestrated scam. Now they not only have your coins, the fees for re-listing from already burnt Cryptopia victims, and the KYC data.

[logfiles]

Nova Exchange died a long time ago, the attempted relaunch was just the last kick. So much has changed in the crypto climate and if you are not able to adapt, you are out of business.
Lots of factors such as
- Increased competition
- Increasing regulatory pressure
- The death of ICOs etc

[magneto]

Is absolutely no one noticing what terms the users are subject in order to just withdraw their funds?

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.

No identification - No withdrawal.
It is as simple as that. Even though trading will close, we must comply with the law, and make sure that all funds end up with its rightful owner.

The Nova platform will be open for regular withdrawals for one month after this announcement; that is until October 25 at 23:59 (CEST). After that date there will be additional fees charged, and we can’t guarantee at what rate we can accommodate your requests. It might take up to 30 days, depending on the load. So please make your withdrawals at your earliest convenience and DO NOT deposit more funds in the now obsolete addresses that you have used in the past.

- 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.

This screams predatory behaviour to me. I highly doubt that they would have any issues processing withdrawals without conducting KYC, when they had previously done so with no problems when the site was running smoothly. It's just an excuse for holding funds, imo.

Furthermore, the "custody fees" is completely unreasonable to me, especially for people with smaller balances. Firstly, it doesn't cost that much to hold funds in a cold wallet. Secondly, it's not the user's choice that you're shutting down, it's your own.

It does seem like Nova is planning on reopening in some way shape or form according to the wording of this announcement, but I would avoid it like the plague. They've proven to be incompetent in keeping themselves relevant or even offering basic customer courtesy and service.

[electronicash]

Nova Exchange died a long time ago, the attempted relaunch was just the last kick. So much has changed in the crypto climate and if you are not able to adapt, you are out of business.
Lots of factors such as
- Increased competition
- Increasing regulatory pressure
- The death of ICOs etc

that i guess was the first sign of them getting wear out of the changes. nova started out at the same time where coinexchagne and mercatox also surfaces in bticointalk, its not going to be surprising if mercatox will follow. not much difference to what is going on in the offline businesses, something or someone is going to sell out in the end.
yobit survives all these changes, ain't that surprising?