AscendEX shuts down after MiCA miss and warns some withdrawals may not be processed
AscendEX shut down on July 1 and later said it lacks authorization under the EU’s MiCA regime. It cited financial and operational pressure, including a failed transaction meant to provide liquidity. Customers can no longer open accounts, deposit, trade, swap, stake, or lend; only withdrawals and exit steps remain available if the platform and any legal or insolvency rules allow it. Automated withdrawals were paused on July 6. Every withdrawal now needs manual review for identity, sanctions, fraud, asset reconciliation, network access, and legal or insolvency issues, so delays or rejections are possible. AscendEX has not given a payment date or assured full repayment. The exchange has not disclosed enough to show whether it is insolvent, where customer assets are held, or how many withdrawals are pending. Customers face creditor risk and may need to file claims, but there is no timeline for recovery.
