AscendEX Suspends Operations and Switches to Manual Withdrawal Reviews
Crypto exchange AscendEX has announced that it is suspending all services after failing to obtain a MiCA licence in Europe.
Suspended functions include:
• account opening
• deposits
• trading
• swaps
• staking
• other exchange services
Withdrawals will now be reviewed manually based on customer information, AML checks and fraud-prevention procedures.
AscendEX also warned that it cannot guarantee all customer withdrawals will be processed.
The announcement follows user complaints about withdrawal delays since late June and reports of possible liquidity issues. AscendEX, formerly known as BitMax, was also hacked in 2021, with estimated losses of $78 million.
Expert insight: The AscendEX case shows why exchange reliability, liquidity and regulatory status are critical for users. When a platform moves from automatic withdrawals to manual approvals, customers should immediately save account records, update KYC data and use only official withdrawal channels.