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ETH 
SOL AscendEX has suspended operations due to MiCA compliance gaps and financial pressures, and user withdrawals have been blocked.
AscendEX has suspended operations of its cryptocurrency exchange. As withdrawal restrictions still exist, customers face financial uncertainty. The exchange said it ceased operations on July 1 because regulatory requirements, financial pressures and an unsuccessful liquidity deal undermined its ability to continue serving users.
The company disclosed the decision in a notice dated July 6 and explained several factors that led to the closure. These include the \"Cryptographic Asset Markets Regulation\" that the European Union officially and fully implemented on July 1. AscendEX said it was not authorized under the new framework. In addition, the exchange also pointed to financial and operational challenges that continue to affect its business.
More importantly, AscendEX revealed that a strategic deal that was expected to provide additional liquidity ultimately failed to materialize. According to the company, the failed deal cut off an important source of funding against a backdrop of a still harsh broader cryptocurrency market environment. As a result, the platform said it was evaluating its financial situation before deciding what options the customer had.
The exchange also warned that some account holders may not be able to recover their entire cryptocurrency balances. In addition, it said that account access is now limited to the exit process, while the automatic withdrawal feature is still suspended.
Manual withdrawals are still in progress as liquidity concerns intensify
AscendEX said customers can still submit withdrawal requests, but each request now requires manual review. As a result, processing times may vary, and companies refuse to guarantee payment schedules or the final amount users may receive. The statement also stated that during the review process, no customer or customer group will be given priority.
Meanwhile, concerns about the exchange\'s liquidity have surfaced before the official closure announcement. According to online investigator ZachXBT, many users have previously reported delays in withdrawing cash for days or even weeks. He shared those observations via Telegram while monitoring activities related to the platform.
According to ZachXBT, an inspection of the AscendEX hot wallet revealed that its major cryptocurrencies, including Ethereum, USDT, USDC and Solana, have very limited reserves. The findings have raised questions about the liquidity available to the exchange before it officially ceased operations. In addition, ZachXBT encourages affected users to submit reports to financial regulators and law enforcement agencies. He said a formal complaint would help authorities investigate the situation and determine whether further action was needed.
AscendEX also has a history of security incidents. The exchange was launched in 2018 under the BitMax brand and lost approximately $78 million in a cyber attack in 2021. Although the platform recovered from that incident, it has since faced increasingly severe operational and financial challenges.
Conclusion
AscendEX said further updates will be provided once the financial evaluation is completed. Until then, customers must wait for additional guidance as the manual withdrawal review is still ongoing and the company is evaluating the next steps for unresolved account balances.
