Crypto Exchange Tokenize Pulls Out of Singapore Over Licensing
0Singapore
Singapore users can no longer trade on Tokenize and must withdraw funds or transfer crypto based on a July 18 portfolio snapshot.
Crypto Reporter
Shalini Nagarajan
Crypto Reporter
Shalini Nagarajan
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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.
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Last updated:
July 21, 2025
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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 Operations to Malaysia After Licence Snub.
Tokenize now plans to shift operations to Labuan, a Malaysian federal territory, where it is acquiring a licensed entity regulated by the Labuan Financial Services Authority. The acquisition is expected to close by the end of September. The company also intends to seek a licence from Abu Dhabi Global Market as part of its efforts to expand internationally.
All 15 Singapore-based employees have reportedly been served notice and will leave by the end of September. The company did not disclose the specific reasons behind MAS’ decision to withhold the licence.
Singapore users can no...
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