Crypto Exchange Tokenize Pulls Out of Singapore Over Licensing Roadblock
Main Idea
Tokenize Xchange is shutting down its Singapore operations after the Monetary Authority of Singapore rejected its license application, forcing users to withdraw funds by September 30 and prompting the exchange to relocate to Malaysia.
Key Points
1. Tokenize Xchange will cease operations in Singapore by September 30 following MAS's license rejection.
2. Users must withdraw funds or transfer crypto based on a July 18 portfolio snapshot, with tiered withdrawal deadlines based on portfolio size.
3. Tokenize plans to relocate operations to Labuan, Malaysia, and has secured a license from Abu Dhabi Global Market for international expansion.
4. All 15 Singapore-based employees have been served notice and will leave by the end of September.
5. The exit follows MAS's June 6 directive requiring all digital token service providers to be licensed, leading to a wave of unlicensed exchanges leaving Singapore.
Description
Crypto exchange Tokenize Xchange will shut down its Singapore operations by Sept. 30, following the Monetary Authority of Singapore’s decision to reject its application for a digital payment token licence. The announcement, made on July 20, comes just over a year after the exchange raised $11.5m and revealed plans to expand its local team, local outlet The Straits Times reported . The firm had been operating under a temporary exemption while awaiting regulatory approval. Tokenize to Relocate Ope...
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