Singapore: Tokenize Xchange - MAS refers cryptocurrency platform to police

On 1 August 2025, the Monetary Authority of Singapore (MAS) announced that AmazingTech Pte Ltd (ATPL), operator of the Tokenize Xchange cryptocurrency trading platform, and its related companies, are under investigation by the Commercial Affairs Department (CAD). This demonstrates MAS’ willingness to refer cases to the criminal authorities, and the high standards which exchanges must meet in order to become authorised by the MAS.

Facts of the case

ATPL previously operated Tokenize Xchange under a temporary exemption from holding a licence under the Payment Services Act 2019 (PS Act), pending the MAS assessment of its Major Payment Institution licence application. This exemption was available to existing service providers at the time the PS Act first took effect, to avoid disruption before full licensing. However, ATPL’s exemption ended on 4 July 2025, following MAS’ rejection of its licence application. ATPL was subsequently required to cease providing payment services, wind down its business, and ensure the return of all customer monies and digital payment tokens.

In July 2025, MAS received multiple customer complaints regarding delays in withdrawals. MAS found indications that ATPL lacked adequate assets to satisfy customer claims and may have failed to segregate customer assets from company funds. MAS also found signs that ATPL had made false representations about its asset segregation practices in its licence application. MAS then referred ATPL to the CAD for further investigation.

As of 31 July 2025, Hong Qi Yu, a director of ATPL, has been charged in court for fraudulent trading. Police investigations are ongoing.

Why this matters for digital asset industry participants

MAS continues to take a rigorous approach to digital asset regulation. This media release highlights the strict expectations MAS sets for digital asset businesses—especially regarding safeguarding customer assets, accurate regulatory disclosures, and ongoing compliance. Firms operating or entering Singapore’s cryptoasset space should ensure robust compliance frameworks and transparent governance. It also demonstrates MAS’ willingness to refer serious matters to police authorities, which should further reiterate to firms the importance of satisfying MAS.