Stomper and mum have thousands stuck in Tokenize Xchange: Police investigating operator
The police are investigating AmazingTech and its related companies, including cryptocurrency trading platform Tokenize Xchange.
The firm's director, 35-year-old Hong Qi Yu, was also charged in court on July 31 with fraudulent trading.
Stomper STL earlier shared that he and his mother were unable to withdraw funds from their Tokenize Xchange accounts. She has S$9,500 stuck on the platform, while the Stomper has US$5,000 (S$6,400) in his.
In a joint statement on Aug 1, the Monetary Authority of Singapore (MAS) and the Singapore Police Force's Commercial Affairs Department (CAD) said Amazing Tech is under investigation for potential offences, including fraudulent trading under the Insolvency, Restructuring and Dissolution Act 2018.
AmazingTech operated Tokenize Xchange under an exemption from holding a licence under the Payment Services Act 2019 while pending MAS' assessment of its application for a Major Payments Institution licence.
This exemption applied to entities that were conducting activities newly brought within the scope of the Act at the point when the Act came into force.
"AmazingTech is not licensed by MAS and its activities are not supervised or regulated by MAS," the statement added.
The company's exemption ended on July 4 following MAS' rejection of its licence application.
"Thereafter, AmazingTech 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," the authorities said.
In mid-July 2025, MAS received several customer complaints against AmazingTech for delays in processing withdrawals of monies and digital payment tokens to customers.
MAS asked AmazingTech 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.
From its engagements with AmazingTech, MAS subsequently found indications that the company did not have sufficient assets to meet its customers' claims and that it might not have segregated its customers' assets from AmazingTech's assets.
MAS also found indications that AmazingTech might have made false representations to MAS regarding the segregation of its customers' assets, when ATPL applied for a Major Payments Institution licence.
MAS then referred ATPL to CAD for investigations, which are ongoing.
The offence of fraudulent trading under Section 238(4) of the Insolvency, Restructuring and Dissolution Act 2018 carries a jail term of up to seven years and/or a fine.
