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21/07/25 16:29 UTC-04

Tokenize Xchange Crypto Exchange to Cease Operations in Singapore

The refusal by the Monetary Authority of Singapore (MAS) to grant a license came as an unexpected blow to Tokenize Xchange, reports The Business Times. In 2024, the company raised over $11 million to expand its business in Singapore and grow its team.

Tokenize management did not comment on the reasons for the license denial. According to The Business Times, the exchange had operated in Singapore since 2018 under a temporary exemption but failed to meet all regulatory requirements.

The company announced that after ceasing operations in Singapore, it will relocate to Malaysia, opening a new trading platform in the offshore financial center of Labuan. The acquisition of a company licensed by the Labuan Financial Services Authority is expected to be completed by September 30.

Previously, one of Malaysia’s largest financial firms, Kenanga Investment Bank Berhad, acquired a 19% stake in Tokenize Xchange.

See also: "Coinbase Rebrands Its Crypto Wallet"

#Tokenize Xchange

Editor: Jerg Wos
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