AscendEX was a centralized digital-asset exchange launched as BitMax.io in August 2018. The platform was founded by Wall Street quantitative-finance professionals George Cao and Ariel Ling, who established Global Digital Mercantile as its original global operator. BitMax.io rebranded as AscendEX on March 22, 2021. An official 2021 company overview described the business as headquartered in Singapore, while later terms identified AscendEX Technology S.R.L., a Romanian company, as the platform operator. Neither a headquarters statement nor corporate incorporation should be interpreted as evidence that the exchange held a financial-services license.
Before its suspension, AscendEX served retail and institutional users with spot and margin trading, perpetual futures, leveraged tokens, copy trading, swaps, P2P trading, staking and other Earn products, OTC escrow, and institutional services including APIs and VIP programs. Official materials described more than 200 listed digital assets in 2021. Fiat access was offered through third-party card-purchase integrations and P2P channels. For detailed historical fees, trading mechanics, usability, and security analysis, see CryptoSlate’s full AscendEX exchange review.
Current Status and Regulation
AscendEX ceased normal exchange operations effective July 1, 2026. In its official notice, the company said it did not hold authorization under the European Union’s Markets in Crypto-Assets Regulation and cited broader regulatory, financial, and operational pressures. New accounts, deposits, trading, swaps, staking, lending, and other crypto-asset services are unavailable. The latest official update, dated August 5, 2026, states that normal platform operations and customer withdrawals remain suspended. Customer account records and remaining digital assets are blocked while management considers a rescue or recapitalization, restructuring, or potential insolvency process. AscendEX has not provided a withdrawal timetable or guaranteed that customer claims will be repaid in full.
Ownership and Security History
AscendEX reported that an external attack in December 2021 resulted in digital assets being stolen from the platform. It said the company absorbed the loss and that the incident contributed to a legacy financial shortfall. In September 2025, AscendEX and its shareholders entered into agreements for an acquisition and recapitalization by The Royal Investment Bank of Kelantan Inc. AscendEX says the buyer did not provide the agreed funding or complete the acquisition; the exchange terminated the principal agreement and is pursuing contractual and legal remedies. Historically, AscendEX described its security approach as including cold-wallet storage, segmented infrastructure, and real-time monitoring. Its current status page says the company’s remaining digital assets are preserved under its control, although withdrawals are suspended.