CAD probes cryptocurrency platform Tokenize Xchange

ATPL Director Hong Qi Yu was charged in court with fraudulent trading.

The Commercial Affairs Department (CAD) has launched an investigation into AmazingTech Pte Ltd (ATPL), the operator of cryptocurrency trading platform Tokenize Xchange, and its related companies.

ATPL had been operating under a temporary exemption from licensing under the Payment Services Act 2019, pending approval from the Monetary Authority of Singapore (MAS).

This exemption ended on 4 July 2025 when MAS rejected ATPL’s application for a Major Payment Institution licence.

After the rejection, ATPL was required to stop offering payment services and return all customer funds and digital assets.

However, MAS received multiple complaints in mid-July about delayed withdrawals. MAS instructed ATPL to address the issues and resolve any shortfalls in customer accounts.

Further checks by MAS raised concerns that ATPL did not have enough assets to meet customer claims and may have failed to keep customer assets separate from company funds.

MAS also found possible false statements made by ATPL regarding asset segregation during its licence application. MAS referred the case to CAD.

The CAD is now investigating ATPL and its associated entities for potential offences, including fraudulent trading under Section 238(4) of the Insolvency, Restructuring and Dissolution Act 2018.

On 31 July 2025, ATPL Director Hong Qi Yu, 35, was charged in court with fraudulent trading under the same Act. If convicted, he faces up to seven years’ imprisonment, a fine, or both.

Investigations are ongoing.