Singapore Authorities Investigate Crypto Trading Platform Tokenize Xchange Over Suspected Fraud

The Commercial Affairs Department (CAD) of the Singapore Police Force is investigating AmazingTech Pte Ltd (ATPL) and its related entities for potential offences, including fraudulent trading, following breaches and misconduct tied to its cryptocurrency trading platform, Tokenize Xchange.

ATPL operated Tokenize Xchange under a temporary exemption from licensing requirements under the Payment Services Act 2019, pending assessment by the Monetary Authority of Singapore (MAS). However, MAS rejected ATPL’s application for a Major Payment Institution licence, and the exemption expired on 4 July 2025. Therefore, ATPL is not licensed by MAS and its activities are not regulated. ATPL was then required to cease operations and return all customer funds and digital payment tokens.

In mid-July, MAS received multiple complaints from customers citing delays in withdrawals on the Tokenize Xchange platform. MAS directed ATPL to address the shortfalls in the customer accounts and ensure orderly restitutions. Subsequent engagements revealed troubling signs: ATPL allegedly lacked sufficient assets to meet its customers’ claims and may have failed to segregate customer assets from its own.

Further, MAS found indications that ATPL may have made false representations during its licence application regarding asset segregation. The case was referred to CAD for investigation.

On 31 July, Hong Qi Yu, a director of ATPL, was formally charged with fraudulent trading, an offence punishable by up to seven years’ imprisonment, a fine, or both.

Police investigations remain ongoing.