On 1 August 2025, the Monetary Authority of Singapore (MAS) and Republic of Singapore’s Commercial Affairs Department (CAD) announced an ongoing criminal investigation into AmazingTech Pte Ltd (ATPL), the operator of the cryptocurrency platform Tokenize Xchange, and its related companies. The investigation follows a referral by the MAS after the regulator rejected ATPL’s application for a Major Payment Institution licence under the SG Payment Services Act 2019 and identified potential misconduct, including possible fraudulent trading.
The official statement alleges that ATPL had been operating Tokenize Xchange under a temporary exemption from licensing under the SG PS Act, pending MAS’ assessment of its licence application. Such exemptions applied to entities whose activities came under MAS oversight when the PS Act took effect. However, ATPL’s exemption expired on 4 July 2025 following MAS’ rejection of its licence application. In accordance with the regulatory framework, ATPL was thereafter required to cease all payment services, wind down operations, and ensure the return of all funds and digital payment tokens to its customers.
In mid-July 2025, MAS began receiving multiple customer complaints regarding delays in the withdrawal of fiat and digital tokens. MAS instructed ATPL to resolve these issues, including fulfilling all customer withdrawal requests and remedying any asset shortfalls. However, through follow-up engagements, MAS found indications that ATPL may not have maintained sufficient assets to satisfy customer claims and might have failed to segregate customer assets from company funds. MAS further identified that ATPL may have made false representations regarding such segregation during its licence application process.
Subsequently, MAS referred ATPL to the SG Commercial Affairs Department. As of 31 July 2025, Hong Qi Yu, aged 35 and a director of ATPL, has been formally charged in court with the offence of fraudulent trading under Section 238(4) of the SG Insolvency, Restructuring and Dissolution Act 2018. This offence carries a maximum penalty of up to seven years’ imprisonment, a fine, or both. Police investigations into the matter remain ongoing.
The MAS’s findings in July triggered immediate customer remediation directives and culminated in a formal referral to the CAD. The charge against ATPL’s director was brought on 31 July 2025, marking a rapid escalation from regulatory non-compliance to potential criminal liability.
This update remains subject to further developments as the investigation by the SG CAD continues.
