AscendEX (previously BitMax) Exchange Social Audit & Trust Score

AscendEX is a Singapore-based CEX launched in 2018 that targets global users with optional KYC for basic access. The platform offers a simple 3-step onboarding process with no deposit minimums, making it relatively beginner friendly. Overall usability is somewhat decent, but user feedback is mixed. Some users report lengthy or inconsistent KYC reviews, occasional fund locks during compliance checks and support that relies mostly on ticket systems without proper live chat feature. AscendEX also maintains an insurance fund that was introduced following the 2021 security incident, during which the exchange fully reimbursed all affected users using its own resources. However, there does not appear to be any publicly verifiable information available regarding the current size, structure or transparency of that insurance fund. Another weak point is reserve transparency. As of today, AscendEX still does not provide a fully public Merkle Tree-attested Proof of Reserves system. The most recent publicly available reserve-related information appears to be from a 2023 announcement that included wallet addresses rather than a complete independently verifiable PoR audit. https://ascendex.com/en/support/articles/89022-a-step-forward-in-transparency

AscendEX fully reimbursed all users after the 2021 $78M hack, but its 2025–2026 reputation remains very poor. Trustpilot averages 1.3/5, with frequent complaints of long-term account freezes, sudden withdrawal blocks, hidden inactivity fees that eat small balances, and unresponsive support. Reddit and other forums describe it as risky and unreliable. Users report unusually high withdrawal fees, such as 15 TRX for TRC20 USDT, far above typical rates on other exchanges. Overall, caution is advised, fees and support are good on paper but looks like not in fact... traders should verify conditions themselves before depositing crypto/fiat into AscendEX... https://www.trustpilot.com/review/ascendex.com

Their 2021 hot wallet hack is ancient history now with no fresh breaches popping up of recent. Users are telling a brutal stories about frozen accounts, insane withdrawal minimums after delistings, "inactivity fees" wiping small holdings, and support vanishing when funds are stuck classic offshore CEX traps that hit harder on smaller users. Persistent withdrawal freezes and account lock complaints scream too much risk

Users love the seamless feature to replicate pro trades with up to 100x leverage. Their withdrawal Issues consists of Intense frustration over high minimum limits and sudden account blocks during cash-out attempts. Another problem is delisting Disputes, Significant anger regarding coins being delisted with little notice, making funds hard to recover. Lastly Regulatory Concerns: Critics frequently warn about its lack of top-tier licensing and opaque "dormancy" fees.