AscendEX said it stopped operating on July 1 after the MiCA transition period ended.
Following its exit, ZachXBT warned the public about the platform’s liquidity, alleging that it wouldn’t be able to process customer withdrawals.
In its announcement, the crypto exchange said that it was winding down due to challenging market conditions and the European Union’s Markets in Crypto-Assets (MiCA) regulation, which left several crypto firms unable to operate in the region after failing to obtain the required authorization.
Following the decision, account access has been limited to offboarding processes, while automated withdrawals have been paused. The exchange said all withdrawal requests will now go through manual reviews and may be delayed, require additional information, or fail to be processed.
“We are not in a position to give assurances about timing or amounts today. No account holder or group of account holders is given priority outside the documented review process,” read the notice.
ZachXBT had previously shared on Telegram that several of the platform’s users were experiencing withdrawal delays for days or weeks, with some requests not being processed at all. The blockchain detective said his analysis found that AscendEX’s hot wallets had almost no reserves of major assets such as USDT, ETH, USDC, and SOL, leading him to believe that it was facing liquidity challenges.
Community reports corroborated the situation, with many individuals who had tried to move funds out of the exchange saying their transactions had been stuck in “initiating” for over a week. In a follow-up post, ZachXBT claimed that the platform has yet to process over 7 figures worth of transactions for its users.
He also urged the affected to take legal action by filing police reports and speaking to the relevant regulators in their countries to hold the platform accountable.
The exchange, founded in 2018 by George (Jing) Cao, was once a major crypto platform. However, AscendEX fell victim to a hack in December 2021 that drained about $78 million in digital assets.
In its statement, the firm said that its decision to shut down was heavily influenced by financial and operational issues, explaining that a strategic transaction meant to provide liquidity had failed. It added that market conditions had also contributed to the pressure, causing the company to assess its financial positio
小靓分析：
🦊 小靓解读
AscendEX 因 MiCA 法规过渡期结束于7月1日停止运营，ZachXBT 警告其流动性不足以处理客户提现，用户面临手动审核和延迟到账风险。这再次暴露了合规压力下中小交易所的脆弱性。
📊 市场影响
短期可能引发用户对未获 MiCA 授权的二线交易所的信任危机，提现挤兑风险上升。但主流币种（如BTC、ETH）受此影响有限，资金或加速流向合规平台。
💡 操作建议
尽快将资产从非欧盟合规的交易所转移至自托管钱包或已获 MiCA 授权的平台（如OKX、Binance）。若持有 AscendEX 资产，优先提交提现申请并准备额外验证材料，避免拖延。
风险提示：
该资讯来源于公开渠道，仅供参考。Traceless 无痕智盈平台不对此信息准确性做任何保证。