AscendEX Team
July 6, 2026
To our retail account holders
Re: Cessation of operations and processing of withdrawals
Dear Customer,
We are writing to you about two related matters: (i) the cessation of AscendEX’s operations; and (ii) how withdrawal requests will be processed during the wind-down.
1. Cessation of operations
AscendEX ceased operations with effect from 1 July 2026. This decision reflects a number of factors, including regulatory developments such as the EU Markets in Crypto-Assets Regulation (MiCA), which took full effect on 1 July 2026 and under which AscendEX does not hold authorization, as well as broader regulatory, financial and operational considerations affecting the platform.
Clients are no longer able to open accounts, deposit assets, trade, swap, stake, lend, participate in referral or promotional campaigns or otherwise access crypto-asset services. Subject to platform availability and any applicable legal or insolvency-related constraints, account access is expected to remain available only for limited offboarding purposes, including withdrawal requests, KYC updates, complaints, support and transaction-history exports.
2. Withdrawals and manual review
Withdrawal processing is separate from the licensing position above. As of July 6, 2026, all withdrawal requests are subject to manual review before processing, and automated withdrawals are paused. We believe this is the most responsible step to handle requests in an orderly and consistent way and to treat account holders fairly.
Withdrawal requests will be reviewed and processed only where permitted by applicable legal, technical and operational requirements, including account verification, KYC/AML/CFT and sanctions checks, fraud-prevention checks, asset and balance reconciliation, network availability and any applicable legal or insolvency-related requirements.
Withdrawals may therefore be delayed, may require additional information, or may not be processed while the review continues. We are not in a position to give assurances about timing or amounts today. No account holder or group of account holders is being given priority outside the documented review process.
3. What you should do now
Please:
- do not make any new deposits;
- log in to your account and review your balances;
- ensure that your KYC information is complete and up to date;
- submit withdrawal requests only through the official platform withdrawal flow;
- download your transaction history for your own records, including tax reporting where applicable; and
- send questions and complaints only through support@ascendex.com .
4. Questions and complaints
Please send any questions or complaints in writing to support@ascendex.com . So that we can respond consistently and keep our records complete, please use that channel rather than contacting individual members of staff.
5. Further updates
We understand that this news is difficult. We relied on an agreed strategic transaction that was to provide liquidity to grow the platform, and the counterparty did not perform; wider crypto market conditions have added further pressure. We are currently assessing the company’s financial position and considering what options, if any, may be available in relation to account holders.
We expect to write to you again with further detail on the position and on next steps as and when we are in a position to do so. Nothing in this notice is intended to waive or limit any rights you may have under applicable law. If any formal insolvency or similar process is commenced, the treatment of unresolved balances or claims may be subject to that process and to further communications.
Yours faithfully,
AscendEX Team