Popular Dogecoin ( DOGE ) exchange Nova Exchange to shut down

Cryptocurrency exchange, Nova Exchange, has announced on Twitter that they would stop trading on October 7th, 2019. The exchange’s main currency of trade was Dogecoin, accounting for almost 176 trading pairs on the exchange.

The decision to shut down Nova Exchange is a business decision and is not related to any hack or fraud. Nova Exchange is urging existing traders to withdraw their funds from the exchange. The exchange requires a KYC from the trader to withdraw their exchange.

Nova Exchange is a subsidiary of Goobit group which also includes BTCX exchange. The group was founded in 2012. According to directors of Goobit, the decision to shut down Nova is due to the lack of profitability of the exchange.

Affect on Dogecoin

Majority of Nova Exchange’s traders were Dogecoin traders. And Dogecoin traders would be most be affected by the shutdown. But shut down of Nova Exchange will have no effect on the price of Dogecoin, as Nova contributed a very small amount on Dogecoin’s value in Coinmarketcap. Majority of Nova’s Dogecoin pairs were under review in CoinMarketCap.

But traders from Nova exchange who traded mostly Dogecoin will face a temporary setback.

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