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AscendEX Shuts Down, Warns Users May Not Recover Full Balances
AscendEX shut down July 1, citing MiCA rules and financial strain. Withdrawals are manual, and the exchange warns customers may not recover full balances.
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AscendEX has shut down, telling customers they may not get all their crypto back. The exchange cited the European Union's MiCA regulation and mounting financial pressure.
In a July 6 notice, the platform said it stopped operations on July 1 after MiCA came fully into force. AscendEX does not hold the required authorization under the new rules. Financial and operational strain also played a role, the exchange said.
"We relied on an agreed strategic transaction that was to provide liquidity to grow the platform, and the counterparty did not perform," the exchange said. Weak market conditions added further stress. AscendEX is now reviewing its finances to figure out what options remain for account holders.
Account access is limited to offboarding activities. Automated withdrawals are suspended. All withdrawal requests go through manual review, which means delays. The exchange said it cannot guarantee timing or the amount customers may recover. All requests follow the same review process, with no preferential treatment.