Woofun AI reports that crypto exchange AscendEX has officially announced the cessation of operations, with on-chain investigator ZachXBT confirming that available liquid assets are insufficient to cover user withdrawals. The platform cited market conditions and the EU MiCA regulatory framework as primary drivers for the shutdown.

Starting July 1st, account opening, trading, and deposit services will be fully suspended, leaving only account inquiry and withdrawal functions active. After July 6th, automatic withdrawal processing will cease, switching entirely to manual review. The official team warned that withdrawals may face significant delays or become impossible. ZachXBT’s investigation indicates that while pending user claims amount to millions of dollars, the platform’s hot wallet liquidity is severely inadequate. AscendEX is currently evaluating its financial status and asset handling plan, with further details to be announced separately.