Singapore Police Force’s Commercial Affairs Department (CAD) is investigating AmazingTech Pte Ltd (ATPL), the company behind crypto trading platform Tokenize Xchange, along with its related entities.
ATPL had been operating under a temporary exemption from holding a license under the Payment Services Act 2019 while the Monetary Authority of Singapore (MAS) assessed its application for a Major Payment Institution license.
The exemption applied to firms conducting activities newly covered by the Act when it came into effect and was intended to prevent service disruptions during the review period.
ATPL was never licensed or supervised by MAS. Its exemption ended on 4 July 2025 after MAS rejected the license application.
It was then required to stop providing payment services, wind down its operations in an orderly manner, and return all customer funds and digital payment tokens.
In mid-July 2025, MAS received several complaints from customers about delays in withdrawals.
MAS directed ATPL to address these issues and return the funds and tokens in an orderly manner, including topping up any shortfalls in customer accounts.
During further engagements, MAS found indications that ATPL did not have enough assets to meet its customer obligations and may not have kept client assets separate from its own.
MAS also found signs that ATPL may have made false representations regarding asset segregation during its license application process. The matter was referred to CAD.
ATPL and its related companies are now under investigation for possible offences, including fraudulent trading under Section 238(4) of the Insolvency, Restructuring and Dissolution Act 2018.
On 31 July, ATPL director Hong Qi Yu was charged in court with fraudulent trading, which carries a penalty of up to seven years in prison, a fine, or both. Police investigations are ongoing.
Featured image: Edited by Fintech News Singapore, based on images by Jay Ang via Unsplash, and pvproductions via Freepik
