Tokenize Xchange, a Singapore-based cryptocurrency exchange, will cease all operations in the country by September 30 after the Monetary Authority of Singapore (MAS) declined to grant it a licence to provide digital payment token services.
The company had previously operated under a temporary exemption but will now relocate its operations to Labuan, Malaysia. Tokenize is currently acquiring a licensed digital finance company there and is also seeking regulatory approval to operate in the Abu Dhabi Global Market, a financial centre in the UAE.
Crypto exchange Tokenize Xchange to shut down Singapore operations https://t.co/VLDt5ggrK1
— The Straits Times (@straits_times) July 20, 2025
In light of the shutdown, Tokenize has suspended all cryptocurrency trading for Singapore users. Customers can no longer buy or sell crypto but are allowed to withdraw or transfer their holdings to other exchanges. The withdrawal process is being rolled out in phases based on portfolio size. Users with portfolios under $10,000 began withdrawing on July 17. Those with holdings between $10,000 and $99,999 will be able to do so starting August 1. Users with portfolios above $100,000 can begin withdrawals on September 1. All transactions must be completed before the final shutdown on September 30.
As part of its transition, Tokenize will relocate operations to Labuan, a federal territory in Malaysia, where it is in the process of acquiring a firm licensed by the Labuan Financial Services Authority. The acquisition is expected to close by the end of September.
All 15 staff members based in Singapore have been informed and will exit the company by the closure date. Tokenize raised US$11.5 million in funding just over a year ago and had planned to expand hiring before the regulatory decision disrupted its operations.
The development comes amid increased regulatory pressure from MAS. In June, the authority issued a deadline for unlicensed crypto firms targeting overseas clients to either obtain a licence or shut down by June 30. As a result, several crypto platforms are leaving Singapore, and more than 500 fintech workers are expected to relocate to markets such as the UAE and Hong Kong.
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