Cryptocurrency exchange AscendEX ceased operations on July 1, 2026 and suspended automated withdrawals starting July 6, now subjecting all requests to manual review. The company cited the EU’s MiCA regulation, which took full effect July 1 and under which AscendEX holds no authorization, alongside broader financial and operational challenges. A previously agreed strategic transaction, whose counterparty remains unnamed, failed to provide the anticipated liquidity for the platform. AscendEX cannot guarantee withdrawal timelines or amounts, and has not ruled out a formal insolvency process that would govern how customer balances are treated. Users have been instructed to stop depositing funds, verify their balances and keep their KYC information current.
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