On October 30th, one of the oldest and most popular cryptocurrency trading platforms, Nova Exchange, announced that they were shutting down for a period of time. The Sweden-based cryptocurrency exchange claims that it will be making major upgrades to improve its operations, enabling it to better handle scaling, stability and security. The prominent trading platform offers a wide range of currencies, fast deposits and withdrawals, and has a fair number of loyal followers as well as good reviews. The trading platform also offers gampling features, such as dice and scratchcard.

Despite the low trading volume, Nova Exchange is known for having “rare” lower market cap altcoins that are hard to find at larger exchanges. At the time of its launch in 2016, Nova Exchange initially offered just the three base cryptocurrencies and currently it trades more than 230 coins, such as Bitcoin and Ethereum.

From April 2018, Nova Exchange will have new management in addition to new owners. With such a huge user-base, the closure of Nova Exchange is likely to affect a significant number of users, according to data. In order to allow the customers to be able to withdraw their funds, the platform will be shut down before being handed over to the new owners.

The team wrote:

“For better management and security of customer funds we have decided to close down Nova exchange so that the users can withdraw all their funds with no participation/responsibility of action of the new management. Remaining user balances that has not been withdrawn before 2018-04-01 will be considered a donation and is not refundable."

The preliminary plan for the change of management was as follows, it was posted on the Nova Exchange website.

2017-10-30 User registration closes, add coin page closes, disabling deposits of ETC and ETH
2017-11-30 Deposits disabled for all coins, all users get level 3 verified account level
2017-12-15 One last deposit scan to take care of deposits made after 2017-11-30
2018-01-31 Email reminder to all registered users
2018-02-28 Trading engine stops, dice game stops, API stops
2018-03-31 Login stop, website replaced with information
2018-04-15 Support closes, all user data removed

BitBlockBoom!

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