AscendEX Ceases Operations on July 1 as MiCA Authorization Fails and Liquidity Deal Collapses

ETH0.40%
SOL0.74%
According to AscendEX's official shutdown notice, the cryptocurrency exchange ceased operations on July 1 after failing to secure authorization under the European Union's Markets in Crypto-Assets (MiCA) regulation. The platform cited a failed strategic liquidity transaction and financial difficulties as the primary reasons for closure. An on-chain investigator, ZachXBT, had flagged the exchange's depleted hot wallets in June, reporting near-empty reserves of ETH, USDT, USDC, and SOL amid widespread user withdrawal delays. AscendEX stated that full asset recovery is not guaranteed and all remaining withdrawals are now subject to manual review, with no timeline provided for resolution.
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