Svmuu News: On-chain investigator ZachXBT has released verification information stating that the cryptocurrency exchange AscendEX has officially announced the cessation of operations, and the platform’s current liquid assets are barely sufficient to cover user withdrawal requests. The platform’s announcement stated that the shutdown was primarily driven by market conditions and the EU’s MiCA regulatory policies. Effective July 1, all operations—including account openings, trading, and deposits—will be fully suspended, with only basic functions such as account inquiries and withdrawals remaining available; After July 6, all withdrawal channels will be closed and processed automatically, with all requests switched to manual review. Officials have acknowledged that withdrawals may be significantly delayed or even impossible to process.
ZachXBT’s investigation revealed that outstanding user claims amount to millions of dollars, but the platform’s hot wallet has severely insufficient liquid assets. AscendEX is currently evaluating its financial situation and options for handling user assets; further arrangements will be announced at a later date.