Tokenize Xchange Shuts Down Singapore Operations After License Rejection

Tokenize Xchange, a Singapore-headquartered cryptocurrency exchange, will cease operations in the city-state by September 30 after failing to secure a digital payment token license from the Monetary Authority of Singapore (MAS). The decision marks another exit in Singapore's tightening regulatory environment for crypto firms.

The exchange had been operating under a temporary exemption while awaiting MAS approval. Its shutdown follows a year of expansion efforts, including an $11.5 million funding round and planned hiring spree. Tokenize served retail and institutional clients across Singapore, Malaysia, and Vietnam.

Signs of trouble emerged earlier this month when the company went silent across all social media channels. Users began reporting withdrawal difficulties last week, raising concerns about the platform's stability during the wind-down period.

CEO Hong Qi Yu announced plans to relocate operations to Labuan, Malaysia, where Tokenize is acquiring a licensed digital financial services company. The MOVE coincides with layoffs for all 15 Singapore-based employees.