Nova Exchange closing down on October 7th 2019

More cryptocurrency exchanges closing down and today, Nova exchange has announced on its website that trading on Nova Exchange will cease and close on October 7th 2019. Exchange’s API will also be deactivated on the very same day.

KYC has been made mandatory and you must verify yourself, including your address for making withdrawals. So, if you had been trading anonymously till now, you ought to do KYC or say goodbye to your funds.

Unlike trading, withdrawals are open till October 25th 2019. While it would be possible to do withdrawals later on as well, you will have to pay additional fees after that. Also, Nova Exchange cannot guarantee if they would be able to accommodate your request after 25th of October. So, we suggest doing the KYC as-soon-as possible and get your funds out.

Low cap altcoins who had Nova as their main market have been absolutely destroyed.

Our opinion on Nova exchange closing down

While it is okay to close an exchange, it is okay to do force KYC for withdrawals. Users who like to stay anonymous would have preferred if the exchange had given them few days to withdraw their funds without KYC/AML verification.

It shall be noted that Nova exchange is not closing down due to security issues or hack. They have clearly mentioned on their website that it is purely a business decision.