AscendEX and Zapper Shutdown: Regulatory Pressure and Financial Difficulties Claim Two Crypto Giants

Crypto exchange AscendEX and DeFi tracker Zapper have announced their closures due to regulatory pressure, financial difficulties, and other reasons. The exchange halted operations on July 1, citing the implementation of the MiCA regime in the European Union as a major factor.

The company's management acknowledged a liquidity shortfall following the collapse of a strategic deal, which was exacerbated by an unnamed counterparty failing to meet its obligations. AscendEX warned that users are unlikely to withdraw their funds in full and emphasized that it cannot guarantee either the timing or amounts of payouts.

Zapper co-founder Seb Audet also announced the shutdown of the DeFi dashboard, citing 'orderly wind-down' as the best scenario given current market conditions. Despite previously raising $15 million in investments, Zapper's service significantly simplified the use of on-chain economics for many users but did not fulfill its mission to make DeFi more accessible.