South Korea’s revised KOSDAQ listing maintenance rules took effect on July 1, putting digital asset treasury stocks under pressure. Bitmax has already dropped below the 20 billion won market cap floor, while Parataxis Korea and Bitplanet face tougher tests ahead.

Japan's Financial Services Agency (FSA) registered Okcoin Japan as the 23rd licensed crypto exchange on March 30, 2020, demonstrating steady regulatory progress despite the COVID-19 pandemic.

Bitmax fell 88% from its peak after its Bitcoin treasury strategy backfired. The company spent about $55 million on 551 BTC, with most purchases made via chairman-linked OTC deals at a $6 million premium, raising market concerns over governance, scale, and credibility.

On-chain sleuth ZachXBT disclosed multiple reports showing that centralized exchange AscendEX (formerly Bitmax) has been delaying or refusing user withdrawal requests for days to weeks, while still accepting deposits. On-chain data reveals its hot wallets are severely lacking in major tokens like ETH, USDT, and SOL, indicating a possible serious liquidity crisis. Since the initial warning on June 26, the official X account has been inactive for 9 days, and co-founder George Cao has not responded to affected users. ZachXBT advises users to report to law enforcement. The exchange was hacked by Lazarus Group in December 2021, losing approximately $78 million.

Starting July 1, 2026, the Korea Exchange (KRX) will enforce higher market capitalization thresholds for KOSDAQ-listed companies. Several Digital Asset Treasury (DAT) firms with large crypto holdings have seen their market caps fall below the new minimums, with Bitmax already in danger. If the downtrend persists, the first wave of delistings could begin in early 2027.

AscendEX（原Bitmax）近日被曝大规模提现异常，用户资金长期处于“Initiating”状态且无链上哈希，疑似流动性枯竭。该平台2021年曾遭Lazarus黑客攻击损失7800万美元，长期缺乏储备证明与第三方审计，透明度堪忧。事件折射出中小加密交易所在监管趋严、行业集中化背景下的生存困境。

AscendEX (formerly Bitmax) has been exposed to large-scale withdrawal anomalies, with user funds stuck in 'Initiating' status without on-chain hashes, indicating suspected liquidity depletion. The platform previously suffered a $78 million loss from a Lazarus hacker attack in 2021 and has long lacked proof of reserves and third-party audits, leading to low transparency. This event highlights the widespread existential difficulties faced by mid-sized crypto exchanges under regulatory tightening and industry consolidation.

AscendEX (formerly Bitmax) has been hit by a massive withdrawal anomaly, with users reporting funds stuck in 'Initiating' status and no on-chain hash—a classic sign of liquidity depletion. The exchange suffered a $78M loss from Lazarus hackers in 2021 and has since lacked proof of reserves and third-party audits. This incident highlights the existential pressure facing mid-tier exchanges amid tighter regulation and market consolidation.