Tokenize Xchange Collapse Leaves S$266.3 Million Owed to Users

Singapore lawmakers were told that Tokenize Xchange’s collapse has left customer funds in limbo, with court-appointed managers estimating more than S$266 million owed as of 15 August 2025.

Tokenize Xchange, operated by Amazingtech Pte Ltd (ATPL), was not licensed by the Monetary Authority of Singapore (MAS) but had been allowed to operate under a temporary exemption during the transition to the Payment Services Act 2019.

Its non-licensed status was disclosed on MAS’ website and in ATPL’s customer agreement.

The exemption would have ended if the licence application was withdrawn, approved or rejected, and following MAS’ rejection, ATPL was required to wind down its payment services business.

MAS received multiple complaints from users about delayed withdrawals and later found ATPL might lack sufficient assets, mishandled client funds and misled on asset segregation.

The case has been referred to the Singapore Police Force’s Commercial Affairs Department, which is investigating possible offences, and ATPL director Hong Qi Yu was charged in July 2025 under the Insolvency, Restructuring and Dissolution Act.

ATPL was placed under interim judicial management on 15 August 2025 following a petition by several creditors.

MAS said it does not have the requested data because ATPL is not regulated by the authority.

Interim judicial managers reported to the High Court on 9 September 2025 that ATPL owed an estimated S$266.3 million in monies and digital assets as of 15 August.

By that date, 2,241 customers had lodged their details with the managers, and customers who have not done so are urged to register with them.

MAS reiterated that cryptocurrencies are not suitable for retail investors and urged the public to transact only with licensed entities.

It added that MoneySense has stepped up education efforts this year, warning about risks such as rug-pulling and pump-and-dump schemes, and advising people to avoid placing money with unclear parties or into high-risk schemes they do not fully understand.

Featured image: Edited by Fintech News Singapore, based on image by wichayada via Freepik