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.
