The Monetary Authority of Singapore (MAS) announced that the Commercial Affairs Department (CAD) is investigating AmazingTech Pte Ltd (ATPL) and its related companies, following MAS’ rejection of ATPL’s Major Payment Institution licence application for its Tokenize Xchange cryptocurrency trading platform and concerns about customer assets. ATPL had been operating under a temporary exemption under the Payment Services Act 2019 (PS Act) while MAS assessed its application, but the exemption ended on 4 July 2025 after the application was rejected, requiring ATPL to cease providing payment services, wind down operations and return customer monies and digital payment tokens. After receiving customer complaints in mid-July 2025 about delayed withdrawals, MAS engaged ATPL and identified indications that ATPL lacked sufficient assets to meet customer claims, may not have segregated customer assets from its own, and may have made false representations to MAS on segregation arrangements during the licensing process. MAS referred the matter to CAD; CAD is investigating potential offences including fraudulent trading under Section 238(4) of the Insolvency, Restructuring and Dissolution Act 2018, and director Hong Qi Yu was charged in court on 31 July 2025. Police investigations are ongoing.
Monetary Authority of Singapore 2025-08-01
Monetary Authority of Singapore refers Tokenize Xchange operator AmazingTech to the Commercial Affairs Department as director is charged with fraudulent trading
The Monetary Authority of Singapore (MAS) referred AmazingTech Pte Ltd (ATPL) to the Commercial Affairs Department for investigation after rejecting its Major Payment Institution licence application for the Tokenize Xchange platform. Concerns include insufficient assets to meet customer claims, potential non-segregation of customer assets, and possible false representations to MAS. Director Hong Qi Yu has been charged with fraudulent trading, and police investigations continue.