Tokenize Xchange Exits Singapore After 7.69% Price Drop, Regulatory Rejection

Tokenize Xchange's latest price was $7.82, down 7.694% in the last 24 hours. This significant drop in price comes amidst a backdrop of regulatory challenges and operational shifts for the cryptocurrency trading platform. Tokenize Xchange, which has been operating in Singapore since 2018, has officially announced its exit from the country. This decision follows the Monetary Authority of Singapore (MAS) rejecting its application for a Singapore crypto license. The exit is a significant blow to the local user base and staff, as it marks a turning point in Singapore's once-welcoming crypto environment.

The rejection of Tokenize's application aligns with MAS's aggressive policy shift. In June, MAS required all crypto firms targeting overseas users to either secure a Singapore crypto license by June 30 or cease operations. The goal, according to a MAS spokesperson, is to ensure a safe and sound digital assets sector, with firms aligning with their risk frameworks. Tokenize's failure to meet this threshold has led to its departure, following similar exits by other exchanges like Bybit and Bitget, which have pivoted to Hong Kong and Dubai.

Tokenize's exit plan is tightly scheduled, with all trading set to stop by September 30, 2025. Withdrawals are already in progress, with a phased approach based on a snapshot taken on July 18 at midnight. Users with portfolio values of less than $10,000 have already started withdrawing their assets, while those with higher values will follow in the coming months. The final deadline for all withdrawals is September 30, 2025.

The exit is not just operational but also has a significant human impact. Tokenize has confirmed layoffs for all 15 Singapore-based staff. The founder of Tokenize, Hong Qi Yu, expressed the difficulty of the situation, stating that it is heartbreaking but necessary to move forward. The company is working to secure employee transitions as it pursues licensing in Labuan, Malaysia, and prepares an application for the Abu Dhabi Global Market (ADGM).

Tokenize Xchange has officially announced the cessation of its operations in Singapore effective September 30, 2025. This decision follows the Monetary Authority of Singapore’s denial of the company's application for a digital payment token services license. As a consequence of this regulatory action, the platform will terminate all crypto-related services for Singapore-based customers, marking a significant operational shift for the exchange.

The license denial underscores Singapore’s rigorous regulatory stance toward digital asset platforms, prioritizing robust financial governance and compliance standards within its market. Tokenize Xchange acknowledges this outcome by initiating a full exit from Singapore while strategically redirecting its expansion efforts toward alternative jurisdictions. Plans are underway to relocate core operations to Labuan, Malaysia, where the company is finalizing the acquisition of a firm holding an existing Digital Financial Services License to facilitate market re-entry.

Concurrently, Tokenize Xchange is pursuing licensure within the Abu Dhabi Global Market, leveraging its reputation for internationally aligned regulatory frameworks. Hong Qi Yu, CEO and Founder of Tokenize Xchange, emphasized the company's commitment to regulatory adherence, stating the transition enables a reinforced focus on international compliance while maintaining operational continuity.

For affected Singapore users, a structured asset withdrawal process is now active until the September 30 deadline. Access remains available via sg.tokenize.exchange for balance verification and transfers, with support teams assisting throughout the wind-down period. Unclaimed assets after the cutoff date risk being stranded, emphasizing the urgency for users to complete transactions promptly. The company also confirmed temporary retention of select Singapore staff to oversee the orderly closure.

Tokenize Xchange’s relocation strategy highlights the broader challenges crypto enterprises face navigating divergent regulatory climates. The company’s pivot to jurisdictions like Labuan and Abu Dhabi reflects a calibrated response to regulatory hurdles, balancing operational resilience with compliance imperatives despite the discontinuation of its Singapore presence. The exit from Singapore is a strategic move aimed at ensuring the company's long-term viability and compliance with international standards, even as it grapples with the immediate challenges of regulatory setbacks and operational transitions.