NovaDAX ends cryptocurrency trading today, allowing customers to withdraw funds until August.

Summary

• NovaDAX ends cryptocurrency trading on Tuesday, the 30th.
• The trading engine will not be operational starting on July 1st.
• Cryptoactive purses will be accessible until August 31st.
• Digital assets must be liquidated in September.
• Platform declared the cessation of operations in Brazil on June 8.

The final operational day of the NovaDAX trading system in Brazil is on Tuesday (30). After this day, customers can still sell their cryptocurrencies on the platform before the complete halt of trading activities.

Starting on Wednesday (1st), the exchange will no longer permit the trading of cryptocurrencies, and any open orders will be cancelled automatically at the deadline.

Customers are still able to preserve cryptocurrencies.

NovaDAX advises users with expensive digital assets on the platform to sell by the end of Tuesday if they wish to convert them into actual money.

After that period, investors will no longer have the option to trade cryptocurrencies on the exchange. Nonetheless, they can still transfer the assets to a digital wallet or another broker.

Cryptocurrencies will stay accessible until August 31, as stated by the company.

Liquidation will happen automatically in September.

NovaDAX announced that a mandatory settlement is scheduled for September for those who opt not to withdraw their assets.

All cryptocurrencies left on the platform will be automatically exchanged for real currency based on current market conditions during the process.

The channel for looting in Brazilian currency will remain operational during the process, with the closing date to be announced by the company on its official channels.

Process is a component of NovaDAX’s departure from Brazil.

The conclusion of the negotiations marks the final phase of NovaDAX’s closure in the Brazilian market, as announced on June 8th.

The company had stopped accepting new registrations, deposits in both real and cryptocurrencies, as well as purchase orders. With the sales closure, the platform has completed another phase of the shutdown process.

The exchange states that processing physical withdrawals may require as long as 56 hours, while cryptocurrency withdrawals have an estimated timeframe of up to 48 hours, in addition to the time needed for blockchain network confirmation.

The company suggests that customers avoid delaying transfers until the last days to prevent operational congestion.

Cryptocurrency market is changed by regulation and competition.

Established in 2018, NovaDAX provided services in Brazil, including buying, selling, depositing, and withdrawing for both individuals and businesses.

The cessation of operations occurs during a period of transformations in the Brazilian digital assets market.

In recent years, the industry has faced increased competition among leading exchanges and advancements in Central Bank regulations.

Brokerage firms have adjusted to stricter regulations for virtual asset service providers, which include rules on operational authorization, asset custody, and service provision, leading to increased pressure on many companies in the sector.

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