According to an announcement published on July 6, the cryptocurrency exchange AscendEX said it would stop providing all services and could not guarantee that it would be able to process all user asset withdrawals.
The notice is displayed immediately when users visit AscendEX’s official website, replacing the usual homepage with login or trading features.
AscendEX stated that the exchange has no longer been operational since July 1, citing its failure to obtain a licence under Europe’s MiCA regulatory framework as the main reason, along with several other unspecified factors.
As a result, the exchange has suspended all functions, including account opening, deposits, trading, swaps, staking and other services.
Regarding withdrawals, the exchange said all asset withdrawal requests are now being manually reviewed based on information provided by customers in order to ensure compliance with anti-money laundering and fraud-prevention procedures. AscendEX said withdrawal processing would therefore be delayed and could no longer be carried out automatically as before.
AscendEX advised customers to log in to their accounts, back up their asset balances, make sure their KYC information is updated and submit withdrawal requests through the project’s official channel.
The AscendEX case is another reminder that traders should carefully assess the reliability, liquidity and regulatory status of crypto platforms before depositing funds. FORECK.INFO offers a cryptocurrency exchange ranking where users can compare reviewed platforms, read user feedback and check key details such as fees, supported assets, deposit methods and available trading tools.
However, with the website no longer operating at the time of writing on July 8, it remains unclear how AscendEX customers will be able to access the platform to prepare these requests.
In fact, warning signs had already appeared in late June, when many AscendEX users reported that they were unable to withdraw funds from the exchange or faced withdrawal delays lasting several days, according to information from on-chain investigator ZachXBT. The platform’s social media channels also stopped posting updates around the same time.
At the time, ZachXBT speculated that the exchange was facing liquidity problems, as AscendEX’s tagged hot wallets reportedly did not hold many major coins such as ETH, SOL, USDT and others.
AscendEX was formerly known as BitMax and was founded in 2018. The exchange was previously hacked in late 2021, with estimated losses of $78 million.
The price of AscendEX’s native token ASD has also declined steadily over time and is listed only on the exchange’s own platform
Conclusion:
AscendEX’s shutdown highlights the growing pressure on crypto exchanges from regulation, liquidity risks and user confidence concerns. For customers, the main priority is to secure account records, complete KYC requirements and submit withdrawal requests only through official channels.
