Impact of Tokenize Xchange Operations Cessation and Recourse for Customers
Ministry of FinanceSpeakers
Summary
This question concerns the impact of Tokenize Xchange's cessation of operations, specifically the number of affected customers, the amount of funds involved, and available recourse as raised by Mr Chua Kheng Wee Louis. Minister for Finance Gan Kim Yong explained that the unlicensed operator, Amazingtech Pte Ltd, was placed under interim judicial management (IJM) with an estimated $266.3 million owed to 2,241 customers. Impacted individuals are advised to register with the IJMs, as the entity was unregulated and license requirements were not met. The Minister reiterated that cryptocurrency is unsuitable for retail investors and emphasized dealing only with licensed entities to avoid high-risk schemes. MAS remains committed to raising public awareness regarding fraudulent crypto schemes through MoneySense to protect consumers from potential financial loss.
Transcript
1 Mr Chua Kheng Wee Louis asked the Prime Minister and Minister for Finance (a) what is the number of customers in Singapore who have been impacted by the ceasing of operations of Tokenize Xchange; (b) what is the amount of funds that have been impacted; and (c) what is the recourse for customers in Singapore.
Mr Gan Kim Yong (for the Prime Minister): Amazingtech Pte Ltd (ATPL), the operator of Tokenize Xchange, was not licensed by the Monetary Authority of Singapore (MAS) but was operating under a temporary exemption as part of the transitional arrangements when the Payment Services Act 2019 came into force. ATPL's status as a non-licensed entity was disclosed on MAS' website and ATPL's customer agreement. This exemption would end when its application was withdrawn, approved or rejected. Following MAS' rejection of its licence application, ATPL was required to wind down its payment services business in an orderly manner.
Subsequent developments showed that ATPL was unable to meet its obligations to customers. On 15 August 2025, ATPL was placed under interim judicial management by way of a High Court order following a petition by several creditors. As ATPL is not regulated by MAS, we do not have the information requested by Mr Chua. We note that the appointed interim judicial managers (IJMs) submitted a report to the High Court on 9 September 2025, which estimated the total amount owing to customers in monies and digital assets at $266.3 million as of 15 August 2025. As of 9 September 2025, 2,241 customers had lodged their details with the IJMs. Customers of ATPL should register their information with the IJMs if they have not already done so.
MAS has taken a consistent position advising members of the public that crypto is not suitable for retail investors and to deal only with licensed entities.
This year, MAS through MoneySense has also made further efforts to raise awareness among the public about potential fraudulent schemes under the guise of crypto. In MoneySense materials, members of the public have been warned about risks, such as rug-pulling and pump-and-dump schemes. Members of the public should exercise extreme caution and stay away from putting their monies with parties they do not know and in schemes that are high risk, unsuitable and which they do not fully understand.