Nova Exchange is closed

[JollyGood]

https://novaexchange.com

Nova Exchange has closed and shows this message:

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.

They are owned by Goobit Group which also runs an exchange called BTCX. Not sure why they felt the need to close but if anybody can shed light it might be helpful to users that used it.

I know they "closed" or were supposed to close once before in November 2017: https://bitcointalk.org/index.php?topic=2349154.0

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[TillKoeln]

wouldnt it be better to post that on ServiceDiscussions ? ..  not on Service Announce.

but however,

:-)

all Nova Users are welcome to some tiny www.unnamed.Exchange
join the cool kids ;-)

[audaciousbeing]

https://novaexchange.com

Nova Exchange has closed and shows this message:

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.

They are owned by Goobit Group which also runs an exchange called BTCX. Not sure why they felt the need to close but if anybody can shed light it might be helpful to users that used it.

I know they "closed" or were supposed to close once before in November 2017: https://bitcointalk.org/index.php?topic=2349154.0

I don't understand any further information that you might be looking at getting.  Except its from an insider who is involved in the top echelon of the company, every other reasons anybody would come up with would simply speculations and nothing else. Businesses close down for several reasons. Thomas Cook as big as it was went under few days back and heaven didn't fall. I really understand for businesses in crypto which could be forced to close down for regulatory authorities but still they have made a statement that they are closing and they should be respected for that. Except they have undischarged liabilities to their customers, it can then be subjected to discussions.

[JollyGood]

I don't understand any further information that you might be looking at getting.  Except its from an insider who is involved in the top echelon of the company, every other reasons anybody would come up with would simply speculations and nothing else. Businesses close down for several reasons. Thomas Cook as big as it was went under few days back and heaven didn't fall. I really understand for businesses in crypto which could be forced to close down for regulatory authorities but still they have made a statement that they are closing and they should be respected for that. Except they have undischarged liabilities to their customers, it can then be subjected to discussions.

This is at least the second time I am familiar with Novaexchange announcing they are closing. The previous time I believe was in November 2017. Just wanted to know what was really going on behind the scenes.

all Nova Users are welcome to some tiny unnamed.Exchange
join the cool kids ;-)

I absolutely would not recommend any users to join any exchange which does not disclose its ownership details, that includes the one you promote.

Any exchange that hides behind anonymity cannot and should not be trusted.

[xtraelv]

I expect a number of smaller crypto exchanges to close. The crypto winter makes them unprofitable and the issues with 51% attacks makes them vulnerable to exploits.
Massively high number of confirmations makes them unattractive to crypto speculators that do arbitrage.

NEVER use an exchange to store your coins.

Coinexchange.io is also closing down. https://www.coinexchange.io/news/post/85/

[JollyGood]

NEVER use an exchange to store your coins.

Cannot argue with that, I am a strong advocate of that rule.

Apart from when the need to trade arises, people should keep their crypto off exchanges and on their own wallets.

[npredtorch]

I was forced to used these small exchanges (nova, tradesatoshi, coinexchange etc.) due to coin availability. If there's any other decent choices, I wouldn't go for it.
So, I don't mind if they close one by one. My only concern is that, I hope they'll secure their email database and not to sell off to random people who would send spam/shady emails.

[akamit]

I was a user till 2017 I guess, but when the ownership changed I haven't even visited Nova.
So not sure the new owners changed the terms to MUST KYC after 2017 - please let me know if they changed.

I'm just wondering about two things,
    -- they have given little time for withdrawals which is till 25th OCT 2019 23:59 (CEST)
    -- forcing for KYC (No identification - No withdrawal) when they are closing.

If they had KYC terms before the closing announcement then it's not what I'm worried about, but if the term is introduced just after closing announcement then it might be something to ?.

[LbtalkL]

I was a user till 2017 I guess, but when the ownership changed I haven't even visited Nova.
So not sure the new owners changed the terms to MUST KYC after 2017 - please let me know if they changed.

I'm just wondering about two things,
    -- they have given little time for withdrawals which is till 25th OCT 2019 23:59 (CEST)
    -- forcing for KYC (No identification - No withdrawal) when they are closing.

If they had KYC terms before the closing announcement then it's not what I'm worried about, but if the term is introduced just after closing announcement then it might be something to ?.

So many small exchanges now are closing I think they almost have no volume at all. Just read about their terms of service just now. So KYC is required now, but before it is not required right? If I am right they are playing-wise. What's the point of KYC if they are closing. Some traders that hate KYC will be rekt.

[Senaia]

Crypto currency rush is over so new listings are rare now a days, add to that low trading volumes.

[JollyGood]

I was forced to used these small exchanges (nova, tradesatoshi, coinexchange etc.) due to coin availability. If there's any other decent choices, I wouldn't go for it.
So, I don't mind if they close one by one. My only concern is that, I hope they'll secure their email database and not to sell off to random people who would send spam/shady emails.

Many people are in the same boat as you, users end up using those types of exchanges because of coin availability.

I agree with you, I certainly do not mind if these types of exchanges close one by one as logn as it leaves genuine trustworthy exchanges out there to choose from.

[examplens]

I was forced to used these small exchanges (nova, tradesatoshi, coinexchange etc.) due to coin availability. If there's any other decent choices, I wouldn't go for it.
So, I don't mind if they close one by one. My only concern is that, I hope they'll secure their email database and not to sell off to random people who would send spam/shady emails.

Many people are in the same boat as you, users end up using those types of exchanges because of coin availability.

I agree with you, I certainly do not mind if these types of exchanges close one by one as logn as it leaves genuine trustworthy exchanges out there to choose from.

Closing small exchanges which were used only for low volume altcoins opening the door for newly created small "suspicious" exchanges. I find a few new "no-name" exchanges with questionable legitimacy, offering in altcoins ANN threads free or cheap listing. Now we haven't small exchanges like Nova or Coinexchange (which btw. seems to go out of business in an honourable way) and we have his replacement in terms of ex4ange.org, satoshishift.com, unnamed exchange etc...
If these did not have enough profit to continue the business, what we can expect from "exchanges", who have no money to register a legal company.

[JollyGood]

Closing small exchanges which were used only for low volume altcoins opening the door for newly created small "suspicious" exchanges. I find a few new "no-name" exchanges with questionable legitimacy, offering in altcoins ANN threads free or cheap listing. Now we haven't small exchanges like Nova or Coinexchange (which btw. seems to go out of business in an honourable way) and we have his replacement in terms of ex4ange.org, satoshishift.com, unnamed exchange etc...
If these did not have enough profit to continue the business, what we can expect from "exchanges", who have no money to register a legal company.

You are absolutely spot on. If exchanges such as Nova and Coinexchange are at least winding down their businesses (citing a lack of profit) and allowing users to withdraw funds by making announcements then the new exchanges have virtually no chance for two reasons.

First, the market is saturated as there are many exchanges to choose from.

Second, the new exchanges have zero reputation and cannot be trusted. Most do not even display ownership details in their terms and conditions.

[examplens]

You are absolutely spot on. If exchanges such as Nova and Coinexchange are at least winding down their businesses (citing a lack of profit) and allowing users to withdraw funds by making announcements then the new exchanges have virtually no chance for two reasons.

First, the market is saturated as there are many exchanges to choose from.

Second, the new exchanges have zero reputation and cannot be trusted. Most do not even display ownership details in their terms and conditions.

nevertheless, I think this will make easier for trash exchanges and crypto projects to scam people, especially newbies.
I follow a few altcoins on Discord and spamming has started with a suggestion like
"This exchange is good Unnamed.exchange and is discounted for coinexchange currencies" or
"We lost 2 exchange Coinexchange and Cryptobridge (with this KYC issue almost no one will use). In the future it would be nice for us to be listed on Graviex, Tradesatoshi and Unnamed.exchange"
Most of the altcoins are so small and they can't expect to be listed on any big and reputed exchange so they will accept any options just to be tradeable. Thus giving false credibility to these shady exchanges.
Then we can expect more situation like this: https://bitcointalk.org/index.php?topic=5191693.0 where someone buys SUPER8 COIN (btw. IEO is on p2pb2b   ) worth 0.2BTC and expect big disappointment when he realizes that he bought garbage. Hey, as something is on the exchange it can't be shit, right?

[JollyGood]

You are absolutely spot on. If exchanges such as Nova and Coinexchange are at least winding down their businesses (citing a lack of profit) and allowing users to withdraw funds by making announcements then the new exchanges have virtually no chance for two reasons.

First, the market is saturated as there are many exchanges to choose from.

Second, the new exchanges have zero reputation and cannot be trusted. Most do not even display ownership details in their terms and conditions.

nevertheless, I think this will make easier for trash exchanges and crypto projects to scam people, especially newbies.
I follow a few altcoins on Discord and spamming has started with a suggestion like
"This exchange is good Unnamed.exchange and is discounted for coinexchange currencies" or
"We lost 2 exchange Coinexchange and Cryptobridge (with this KYC issue almost no one will use). In the future it would be nice for us to be listed on Graviex, Tradesatoshi and Unnamed.exchange"
Most of the altcoins are so small and they can't expect to be listed on any big and reputed exchange so they will accept any options just to be tradeable. Thus giving false credibility to these shady exchanges.
Then we can expect more situation like this: https://bitcointalk.org/index.php?topic=5191693.0 where someone buys SUPER8 COIN (btw. IEO is on p2pb2b   ) worth 0.2BTC and expect big disappointment when he realizes that he bought garbage. Hey, as something is on the exchange it can't be shit, right?

IEOs can be very dangerous especially when they are heavily promoted fake IEOs.

For example, if an exchange starts their own fake project with fake team and fake product then conducts the IEO on their own exchange heavily promoting it then there is no need to pull of an exit strategy and close the exchange because they can simply keep conducting fake IEOs.

[Lauren Smith]

I am sooooo glad i did not give my KYC when the @#c%ers asked. They ask for KYC just before they close down. That doesn't sound nor is it legit. Now all those people are at risk having given their personal info for nothing. I was no longer able to use them to trade some tokens that were exclusively listed there and i was not willing to gove my info just to trade a few hundred $$$ that is just insane.