Bitmax

News Summary:

AscendEX, formerly Bitmax, officially confirmed on July 6, 2026, that it has ceased operations, publishing a letter to users stating that all business will terminate by July 1, 2026. This decision is attributed to the full effect of the EU's Markets in Crypto-Assets Regulation (MiCA) and various market, financial, and operational influences. Previously, on July 2, blockchain investigator ZachXBT raised alarms about AscendEX, warning that user withdrawals remained frozen while deposits continued to be accepted, a combination historically preceding significant exchange collapses. This followed an alert issued by ZachXBT on June 26, stating that multiple users had reported withdrawal delays ranging from days to weeks, with some unable to process withdrawals at all, for the centralized exchange. Earlier in the year, on March 19, South Korean digital asset trust (DAT) company Bitmax firmly denied selling any portion of its Bitcoin holdings, rebutting a local media report suggesting the firm had moved its entire Bitcoin reserve to an exchange before a significant 4-for-1 capital reduction without compensation. On March 18, BitMax denied plans to sell its Bitcoin holdings, following reports that the company had transferred all of its Bitcoin from a cold wallet operated by South Korea's largest bank to overseas exchanges such as Binance and Bybit, citing greater security with overseas wallet providers compared to domestic ones.