Crypto trading platform Tokenize Xchange to shut down in Singapore

By Dat Nguyen July 21, 2025 | 01:23 am PT

Cryptocurrency trading platform Tokenize Xchange will cease operations in Singapore on Sep. 30, just over a year after securing US$11.5 million in funding.

The Singapore-based company announced Sunday that it will shut down following the Monetary Authority of Singapore’s decision to deny it a licence for digital payment token services, according to The Straits Times.

Tokenize had previously operated under an exemption.

An illustration image of Bitcoin. Photo by Unsplash/Kanchanara

The exchange plans to relocate its operations to Labuan, a federal territory in Malaysia, where it is acquiring a company holding a digital financial services licence from the Labuan Financial Services Authority.

The acquisition is expected to be finalized by Sept 30. Additionally, Tokenize is seeking regulatory approval from the Abu Dhabi Global Market, an international financial centre and free economic zone in Abu Dhabi, United Arab Emirates, as reported by Fintech News Singapore.

Tokenize confirmed that all 15 of its Singapore employees have been notified and will depart the company by Sep 30.

The reasons behind MAS’s decision to withhold the licence remain unclear.

Singapore customers are no longer permitted to buy or sell cryptocurrencies on Tokenize’s platform. They can only transfer their cryptocurrency holdings to other exchanges for conversion to cash and subsequent withdrawals.

Users can still withdraw cash directly from the exchange based on the Singapore dollar value of their portfolio, which includes both fiat and cryptocurrency assets. This value, visible in users’ wallets, determines their withdrawal tier under a phased schedule.

Founded in 2017, Tokenize serves both retail and institutional investors in Singapore and abroad, including Malaysia and Vietnam.

Last year it announced plans to scale its Singapore team to 100 staff, aiming to strengthen its ability to navigate Southeast Asia’s diverse regulatory regimes.

Its exit from Singapore follows the Monetary Authority of Singapore’s directive issued early last month, which mandated that digital token service providers targeting only overseas customers must obtain a licence by June 30 or cease operations.