Cryptocurrency exchange Tokenize Xchange announced it will cease all operations in Singapore by September 30 due to the Monetary Authority of Singapore’s (MAS) denial of its license.
Reasons for Closing Singapore Operations
Tokenize Xchange, based in Singapore, will end all operations in the country after the Monetary Authority of Singapore denied it a license to provide digital payment token services. The exchange had previously operated under a temporary exemption but has now announced its shutdown.
Withdrawal Process for Users
Following the shutdown, Tokenize suspended all cryptocurrency trading for Singapore users. Clients can no longer buy or sell crypto but are allowed to withdraw or transfer their holdings to other exchanges. The withdrawal process will occur in phases based on portfolio size. Users with portfolios under $10,000 began withdrawing on July 17, those with holdings between $10,000 and $99,999 will be able to do so starting August 1, and users with portfolios above $100,000 can begin withdrawals on September 1.
Moving Operations to Malaysia
Tokenize plans to relocate its operations to Labuan, Malaysia, and is in the process of acquiring a licensed firm there. The acquisition is expected to close by the end of September. All 15 employees based in Singapore have been informed and will exit the company by the closure date.
The closure of Tokenize Xchange's operations in Singapore reflects a broader trend of increasing regulatory pressure on cryptocurrency platforms in the country, potentially influencing the relocation of fintech professionals to regions like the UAE and Hong Kong.
