AscendEX has officially halted all operations as of July 1. Access to accounts is now limited to withdrawals, KYC verification, and downloading transaction history. Automatic withdrawals have been suspended—all withdrawal requests are now subject to manual review with no set timeline.
The exchange explicitly warned of the risk of “insolvency proceedings”—a scenario in which user claims could be adjudicated through court rather than processed via standard withdrawal channels. The reasons cited include regulatory pressure from MiCA, lack of EU authorization, and financial difficulties.
ZachXBT had earlier warned about the exchange’s problems—users reported frozen withdrawals, and he pointed to potential liquidity shortages and weak reserves.
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