Admins to Take Remaining User Funds as Donations
A popular cryptocurrency exchange named “Nova Exchange” recently announced it will shut down in April 2018, reportedly so that new owners can take control of its operations and better handle its security, scaling, and stability.
The announcement was both sent to the exchange’s registered users via email and published on its website’s “news” section. Not only does it announce that in April 2018 the platform, that is currently known as “Nova Exchange,” will have new management, but also details a preliminary plan on how its current admins will handle the situation.
To benefit users, the change was announced today, October 30, and new registrations, as well as Ethereum (ETH) and Ethereum Classic (ETC) deposits, are now disabled. On November 30, all coin deposits are going to be disabled, and all users will get level 3 verification, per the exchange’s announcement.
Then, on December 15, the exchange will scan for deposits one last time, to guarantee it can accommodate deposits made by users after the November 30 deadline. The exchange’s trading engine, dice game, and API still all cease on February 28, 2018. Then, on March 31, the website will be replaced with information regarding the new management it will have.
On April 15, Nova Exchange will finally close. The support system will go offline, and all user data will be removed. Prior to that, on January 31, Nova Exchange will also send the last email to registered users, reminding them of the change and to empty their balances so no funds are lost.
Notably, the exchange’s announcement makes it clear that remaining user balances – that haven’t been withdrawn – before April 1 is going to be considered a non-refundable donation. The announcement reads:
“Remaining user balances that have not been withdrawn before 2018-04-01 will be considered a donation and is not refundable.”
On Nova Exchange’s troll box, users are already going past the usual discussion and warning each other that if funds aren’t withdrawn, they are going to be taken away from them.
Nova Exchange’s claim to fame
Nova Exchange became popular within the cryptocurrency ecosystem for adding cryptocurrencies that couldn’t be found on other exchanges. Among them were some with low market caps or trading volumes. Moreover, it offered “dice” and “scratch card” gambling features.
The exchange made it clear that it put its focus on its existing users, as it didn’t have any marketing expenses. According to Cryptocompare, the exchange’s admins believed that if they provided the best possible service to its users, there wouldn’t be a need to spend money promoting their business. At press time, Nova Exchange has a $1.6 million trading volume, and well over 500 listed cryptocurrencies.