Singapore, 1 August 2025... The Commercial Affairs Department (“CAD”) is currently investigating AmazingTech Pte Ltd (“ATPL”) and its related companies.

2. ATPL operated Tokenize Xchange, a cryptocurrency trading platform, under an exemptionWhen the PS Act was introduced, existing payment service providers were exempted and could continue these services pending the review of their licence applications by MAS. This is so that these services are not disrupted pending licensing. The temporary exemption would end when the licence application was approved, rejected or withdrawn. from holding a licence under the Payment Services Act 2019 (“PS Act”) while pending the Monetary Authority of Singapore (MAS)’s assessment of its application for a Major Payment Institution licence. This exemption applied to entities that were conducting activities newly brought within the scope of the PS Act at the point when the Act came into force.

3. ATPL is not licensed by MAS and its activities are not supervised or regulated by MAS. ATPL’s exemption ended on 4 July 2025 following MAS’ rejection of ATPL’s licence application. Thereafter, ATPL was required to cease providing payment services, wind down its business in an orderly manner, and ensure that all monies and digital payment tokens received from its customers were returned.

4. In mid-July 2025, MAS received several customer complaints against ATPL for delays in processing withdrawals of monies and digital payment tokens to customers. MAS asked ATPL to remedy these concerns and take steps to return the monies and digital payment tokens to customers in an orderly manner, including topping up the shortfall in the customer accounts.

5. From its engagements with ATPL, MAS subsequently found indications that ATPL did not have sufficient assets to meet its customers’ claims and that it might not have segregated its customers’ assets from ATPL’s assets. MAS also found indications that ATPL might have made false representations to MAS regarding the segregation of its customers’ assets, when ATPL applied for a Major Payment Institution licence. MAS then referred ATPL to CAD for investigations.

6. ATPL and its related companies are currently being investigated by the CAD for potential offences, including, fraudulent trading under Section 238(4) of the Insolvency, Restructuring and Dissolution Act 2018.

7. On 31 July 2025, Hong Qi Yu, aged 35, a director of ATPL, has been charged in court with the offence of fraudulent trading under Section 238(4) of the Insolvency, Restructuring and Dissolution Act 2018, which carries an imprisonment term not exceeding seven years, a fine or both.

8. Police investigations are ongoing.

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