AscendEX has announced the cessation of its operations, citing the challenging market environment and compliance with EU MiCA regulations. The platform, which stopped all business activities on July 1, now only allows limited account access for withdrawal processing and other administrative tasks. All withdrawal requests from July 6 require manual review, with automatic withdrawals suspended due to liquidity constraints. On-chain analyst ZachXBT highlighted that AscendEX's hot wallets show almost no liquid assets available to fulfill withdrawal requests, which amount to millions of dollars in verified user claims. The platform's announcement indicates that withdrawals will undergo stringent KYC/AML checks and may face delays or be unprocessed due to financial evaluations and potential legal proceedings.