Stomper and his mum have thousands stuck in crypto exchange ceasing operations in S'pore
A Tokenize Xchange user said he and his mother are unable to withdraw their funds after the cryptocurrency exchange announced it would cease operations in Singapore.
Stomper STL shared a screenshot of an email on July 17 stating that Tokenize would be shutting down locally.
"We will begin the process of winding down our Singapore presence with immediate effect," said the email from Tokenize Xchange. It added that a separate email would notify Singapore users on their "relevant period" for asset withdrawal.
The Stomper said: "Currently, I can only view my balance in USD. I'm unable to withdraw to my SGD account. When I queried, they sent the following reply below."
The reply said that "USD fiat withdrawal has already ceased since January 2025". It also gave details on withdrawal windows, addding that "assets will not be forced sold".
His mother is facing the same issue.
"My mum has an account in SGD and is also unable to make withdrawals," said STL.
She has S$9,500 stuck on the platform, while the Stomper has US$5,000 (S$6,400) in his.
The Straits Times reported that users with portfolios below $10,000 have been able to withdraw the cash portion of their holdings and transfer their cryptocurrencies to other exchanges since July 17.
However, the Stomper disagreed. "Based on personal experience, that's not accurate."
He said he plans to follow up on the issue with the Monetary Authority of Singapore and lodge a report with the police.
"Yes, I am worried, but thankfully, I had moved most of my holdings to Coinbase last year," he said.
"For now, I'm still hoping to get my money back."
Founded in 2017, Tokenize Xchange will cease its operations in Singapore from Sept 30.
The company is relocating to Labuan, an island off Sabah, and is seeking to obtain a licence from the Labuan Financial Services Authority, reported The Business Times.
It will also seek regulatory approval from Abu Dhabi Global Market, a financial zone located in Abu Dhabi.
