Nova Exchange - Started to Implement KYC to Users

[jhenfelipe]

I was a former Nova Exchange user. I still check the exchange from time to time because I had a great experience before, though I haven't had recent transactions/trades. Yesterday, I received an email from support@novaexchange.com (quoted below)

IMPORTANT: To Old Friends of Nova Exchange, verifying personal information. Exception to expire over time.


Dearest Customer,

Nova Exchange is growing by the hundreds every day. It's great!

Still, we always want to take particularly good care, and be of service to you who has been with us from the beginning.

Over the last few months the accounts of Nova-Old-Friends have been subject to an exception concerning the need to verify personal information. Over the coming weeks we will begin to repeal these exceptions. You will be notified personally with a date when your exception is about to expire.

By dealing with this, you will be able to keep using your account with no restrictions whatsoever.

You are among our most valued customers. The ones who have been with us for a LONG time.

We want to get this process going with you, so that we can give you the most attention and personal assistance, should you need it.

It is a very good idea to get your information verified right away.

Here is a short video explaining the process: PLAY

And here is where to start the verification: LET’S GO


Get in touch if you have any questions.


Team Nova

Well, just want to give a heads up for those who have not checking their email and have coins/tokens in the site, especially the old users. If you're not willing to do KYC, better move out of the exchange as early as possible since they have not given YET an exact date of expiration.

[Bitinity]

I'm former Nova Exchange too, but I have moved all my assets before they closed their service long time ago. A bit surprise indeed when I heard that they are coming back, but this KYC thing for an exchange is a common procedure these days. I havent checked my email that I used for my old nova account, but is it alive already? Do old nova user need to create new account or we can use the old account on the new site?

[Potato Chips]

I havent checked my email that I used for my old nova account, but is it alive already? Do old nova user need to create new account or we can use the old account on the new site?

If you mean the exchange, yes it is live.

Old accounts probably won't work anymore unless you claimed it back when they were still asking, nevertheless you could still try logging in or contact the support.

[jhenfelipe]

I'm former Nova Exchange too, but I have moved all my assets before they closed their service long time ago. A bit surprise indeed when I heard that they are coming back, but this KYC thing for an exchange is a common procedure these days. I havent checked my email that I used for my old nova account, but is it alive already? Do old nova user need to create new account or we can use the old account on the new site?

The website has not been closed literally. It remained open and trades didn't stop, they just disabled new registrations and deposits while working on migration to new owners.

They opened again last December. Former users don't need to create a new account, old account is still working (just like mine). However, as said above exceptions for old users will be expired. If you plan to use the site again, just be ready for KYC as they can request it anytime.

Oh and in addition, the new owners provided a new TOS (I remember accepting new TOS before).

[magneto]

I was a former Nova Exchange user. I still check the exchange from time to time because I had a great experience before, though I haven't had recent transactions/trades. Yesterday, I received an email from support@novaexchange.com (quoted below)

IMPORTANT: To Old Friends of Nova Exchange, verifying personal information. Exception to expire over time.


Dearest Customer,

Nova Exchange is growing by the hundreds every day. It's great!

Still, we always want to take particularly good care, and be of service to you who has been with us from the beginning.

Over the last few months the accounts of Nova-Old-Friends have been subject to an exception concerning the need to verify personal information. Over the coming weeks we will begin to repeal these exceptions. You will be notified personally with a date when your exception is about to expire.

By dealing with this, you will be able to keep using your account with no restrictions whatsoever.

You are among our most valued customers. The ones who have been with us for a LONG time.

We want to get this process going with you, so that we can give you the most attention and personal assistance, should you need it.

It is a very good idea to get your information verified right away.

Here is a short video explaining the process: PLAY

And here is where to start the verification: LET’S GO


Get in touch if you have any questions.


Team Nova

Well, just want to give a heads up for those who have not checking their email and have coins/tokens in the site, especially the old users. If you're not willing to do KYC, better move out of the exchange as early as possible since they have not given YET an exact date of expiration.

No way they are doing this willingly. They are definitely pressured by regulatory authorities in their jurisdiction, or they are worried that the regulation would change in the near future and they need to comply with these to stay open.

This has been extremely similar to what poloniex and bittrex has done to their legacy users as well. Used to be able to use the pltafrom without KYc if you were a legacy user, but they took away that right at one stage.

I think that they're going to see a huge decrease in trading activity on Nova, and funds getting withdrawn from their platform during this period. People who used them mainly were the old Nova users that didn't need KYC to trade, and I doubt many of them would be willing to conduct KYC just to trade on an exchange with such low volumes.

[milewilda]

-snip-

Team Nova

Well, just want to give a heads up for those who have not checking their email and have coins/tokens in the site, especially the old users. If you're not willing to do KYC, better move out of the exchange as early as possible since they have not given YET an exact date of expiration.


No way they are doing this willingly. They are definitely pressured by regulatory authorities in their jurisdiction, or they are worried that the regulation would change in the near future and they need to comply with these to stay open.

This has been extremely similar to what poloniex and bittrex has done to their legacy users as well. Used to be able to use the pltafrom without KYc if you were a legacy user, but they took away that right at one stage.

I think that they're going to see a huge decrease in trading activity on Nova, and funds getting withdrawn from their platform during this period. People who used them mainly were the old Nova users that didn't need KYC to trade, and I doubt many of them would be willing to conduct KYC just to trade on an exchange with such low volumes.

All exchangers would really have the possibility on such scenario neither they would be pressured or they are already doing this on advance to prevent or avoid
future headaches on their side and continue to their service without interruption but well as mentioned the exchange for this change would be sudden decrease of users.
People would always prefer on having no-kyc.

[fudster]

Its not surprising anymore.  Most of the exchanges even the ones claiming they wouldn't collect eventually ask their customers to submit IDs. Years from now you'd be seeing that they all owned us all just like they said. They can control us all even when we say things are decentralized. The word are overly used sometimes it just means for the hype.

[examplens]

Nova exchange never has been my favourite exchange. Now with KYC, I probably will delete them from all my next transaction.
If someone checked, is it KYC obligatory for all or it's possible to use this exchange but with limited withdrawal?

[Zalaster]

Nova exchange never has been my favourite exchange. Now with KYC, I probably will delete them from all my next transaction.
If someone checked, is it KYC obligatory for all or it's possible to use this exchange but with limited withdrawal?

I found it here, but they do not say whether it is necessary or not. This is very strange to me https://novaexchange.com/help/security-and-kyc/

[jhenfelipe]

Nova exchange never has been my favourite exchange. Now with KYC, I probably will delete them from all my next transaction.
If someone checked, is it KYC obligatory for all or it's possible to use this exchange but with limited withdrawal?

You should be level 2 verified to continue using the site. For more info, refer to the screenshot below ↓



This info is available when you're logged in, can see under Account > Contact & Verification Level Settings

[Slow death]

Registrant Organization: Goobit AB
Registrant Country: SE

http://whois.domaintools.com/novaexchange.com

Goobit AB owns and operates a crypto currency exchange. The company was founded in 2012 and is based in Stockholm, Sweden.

https://www.bloomberg.com/research//stocks/private/snapshot.asp?privcapId=570775233

Who is the owner of the exchange?

[harizen]

The fact they couldn'  keep up and run their service in a proper and secure way, as they mentioned last 2017, Im not using these exchange anymore.

March 2018, when I received email from them that they have found new owners who already have 6+ years experience in crypto that can provide excellent service. I didn't search for other infos about that.

If by any case that a certain coin of mine got listed here and shows decent volume, I will consider using them again just like on how Im playing with the waters at other new and small exchanges.

Don't want the idea of Basic Account should be upgrade to Level 2. Much better if they just setup a small limit like other exchanges did. But since that's their terms and a usual terms even on reputable and big exchanges, up to users if they will follow that.

[icalical]

~snip

No way they are doing this willingly. They are definitely pressured by regulatory authorities in their jurisdiction, or they are worried that the regulation would change in the near future and they need to comply with these to stay open.

This has been extremely similar to what poloniex and bittrex has done to their legacy users as well. Used to be able to use the pltafrom without KYc if you were a legacy user, but they took away that right at one stage.

I think that they're going to see a huge decrease in trading activity on Nova, and funds getting withdrawn from their platform during this period. People who used them mainly were the old Nova users that didn't need KYC to trade, and I doubt many of them would be willing to conduct KYC just to trade on an exchange with such low volumes.

Nova exchange never has been my favourite exchange. Now with KYC, I probably will delete them from all my next transaction.
If someone checked, is it KYC obligatory for all or it's possible to use this exchange but with limited withdrawal?

I found it here, but they do not say whether it is necessary or not. This is very strange to me https://novaexchange.com/help/security-and-kyc/

Yeah, they wrote there in their site, that demand the KYC because the law ask them and if they do not comply they can't continue their business. And they also state that it's necessary, for all customer to do the KYC before they can do any business on their site. And I think almost all Centralized Exchange now demand KYC because of government starting to implement some new regulations regarding crypto exchanges and trading.

[Zalaster]

Many exchanges are now introducing KYC, as this is a necessity. They must abide by the law, I am not against it, however, I cannot be sure that my data will not go to third parties. This is a problem.

[Tamilson]

This info is available when you're logged in, can see under Account > Contact & Verification Level Settings

Is upgrading in level 3 mandatory? I mean what if I'm fine with the level 2 since I don't trade that much there and I just have small amount. I don't think I need to be in level 3 which have high amount to be withdrawn. On the contrary, it says until March 31, 2019, I'm confuse tho.

[jhenfelipe]

This info is available when you're logged in, can see under Account > Contact & Verification Level Settings

Is upgrading in level 3 mandatory? I mean what if I'm fine with the level 2 since I don't trade that much there and I just have small amount. I don't think I need to be in level 3 which have high amount to be withdrawn. On the contrary, it says until March 31, 2019, I'm confuse tho.

I'm not sure either if that's mandatory and if the date written was the same for all non verified accounts. I think you should check your account and/or contact the support directly about it.

IMO, having level 2 would be nonsense if they will require to updrade to level 3 within a specified time. It shoud be optional/voluntary

[Tamilson]

IMO, having level 2 would be nonsense if they will require to updrade to level 3 within a specified time. It shoud be optional/voluntary

This new rule is ridiculous, why don't they just do what binance did.
Damn, this made me think to not use this and just stick to my usual thing. Of course, it's their new SOP but I really hate dealing with kyc verification. I don't want my face to be in the black market, lol!

[pooya87]

IMO, having level 2 would be nonsense if they will require to updrade to level 3 within a specified time. It shoud be optional/voluntary

This new rule is ridiculous, why don't they just do what binance did.
Damn, this made me think to not use this and just stick to my usual thing. Of course, it's their new SOP but I really hate dealing with kyc verification. I don't want my face to be in the black market, lol!

well at least they have been honest about their rule changes which is unlike most other exchanges which changed their rules overnight and forced their users to either accept the new rules or say goodbye to their money that was on their platform!
in this case you could have simply cashed out and went away in the time frame that they gave their users before forcing the new rules.

[Kemarit]

IMO, having level 2 would be nonsense if they will require to updrade to level 3 within a specified time. It shoud be optional/voluntary

This new rule is ridiculous, why don't they just do what binance did.
Damn, this made me think to not use this and just stick to my usual thing. Of course, it's their new SOP but I really hate dealing with kyc verification. I don't want my face to be in the black market, lol!

Of course if you're not confident to submit your KYC then by all means move out of this exchange and withdraw all your funds, problem solved. I do hope though that Nova Exchange will learn from Coinbase, never ever hire a third party to handle your KYC procedure, if you're going to get a company then be sure they are trusted and legit and won't have the tendency to sell all our personal data.

[farsky]

Deposit and withdrawal is impossible without KYC, I checked.