Unlicensed Tokenize Xchange Owes S$266M to Users Post-Collapse

Unlicensed Tokenize Xchange Owes S$266M to Users Post-Collapse

The recent collapse of Tokenize Xchange, a cryptocurrency platform operated by Amazingtech Pte Ltd (ATPL), has sent ripples through Singapore’s fintech sector, leaving an estimated S$266.3 million owed to its users. This significant financial shortfall, reported by court-appointed managers as of 15 August 2025, underscores the inherent risks in unregulated digital asset markets and serves as a stark reminder of the importance of robust oversight. Operating Without a Full Licence Tokenize Xchange’s situation is particularly noteworthy because ATPL was not licensed by the Monetary Authority of Singapore (MAS). Instead, it operated under a temporary exemption granted during the transition period for the Payment Services Act 2019. This exemption allowed certain entities to continue operations while their licence applications were being processed. Crucially, ATPL’s non-licensed status was not hidden; it was explicitly disclosed on MAS’s official website and detailed within ATPL’s customer ag…