Singapore’s Monetary Authority just delivered a crushing blow to Tokenize Xchange, rejecting the crypto exchange’s bid for a Major Payment Institution licence and forcing the company to pack up and leave by September 2025. The regulatory smackdown means all 15 local employees are getting pink slips, while Singapore users have been locked out since July. MAS won’t even explain why they said no. Now Tokenize is fleeing to Malaysia’s friendlier shores, discovering just how much more lies beneath this regulatory rejection.
Tokenize Xchange just got the boot from Singapore. The crypto exchange, which fancied itself as a regional powerhouse, got its Major Payment Institution licence application rejected by the Monetary Authority of Singapore. Game over.
The company is now scrambling to shut down its Singapore operations by September 30, 2025. All 15 local employees are getting pink slips, though some might snag positions in Tokenize’s international operations if they’re lucky. Not exactly the expansion story they pitched to investors just over a year ago when they raised $11.5 million. While Hong Kong welcomes new players with zero capital gains tax, Singapore’s strict stance continues to drive businesses away.
Here’s the kicker: Tokenize had grand plans to grow their Singapore workforce to 100 people as part of their Southeast Asia domination strategy. Instead, they’re packing up and heading to Labuan, Malaysia. The company is acquiring a financial entity there to continue operations under what they hope will be friendlier regulations.
Singapore users got locked out of trading after July 18, and now they’re racing against the September 30 deadline to withdraw their cash or transfer their crypto holdings. Miss that date? Kiss those assets goodbye. The company isn’t sugarcoating it either – unclaimed assets may be lost forever.
MAS didn’t bother explaining why they rejected the application. But their message is crystal clear: Singapore wants to be a digital finance hub, but only for companies that can jump through their regulatory hoops. Tokenize apparently couldn’t stick the landing.
The irony is thick here. Tokenize operates as Malaysia’s second-largest digital asset exchange with full approval from Securities Commission Malaysia since 2020. They’ve been around since 2017, serving retail and institutional investors across Asia. Yet Singapore’s regulators said thanks, but no thanks. The company was actually among the first three digital asset exchange operators to receive approval from Malaysian regulators back in April 2020.
Tokenize isn’t giving up on international expansion though. They’re also eyeing a licence from Abu Dhabi Global Market, clearly betting that other jurisdictions will be more welcoming than Singapore’s notoriously strict MAS. CEO Hong Qi Yu expressed disappointment but framed the regulatory setback as an opportunity for international growth.
For now, Singapore users need to act fast. The withdrawal window closes September 30, and there’s no indication the company will extend that deadline. Time’s ticking.
