Crypto exchange Tokenize to shut down Singapore operations

Move comes after MAS doesn't grant licence to offer digital payment token services here

- Timothy Goh

Cryptocurrency exchange Tokenize Xchange will cease its operations here from Sept 30, just over a year after raising US$11.5 million (S$14.8 million) in funding and announcing plans to ramp up hiring.

The Singapore-headquartered company said on July 20 that it will shut down the business following the Monetary Authority of Singapore's (MAS) decision not to grant it a licence to offer digital payment token services here.

Tokenize was previously operating under an exemption.

It said it will move its operations to Labuan, a federal territory in Malaysia, where it is in the process of acquiring a company that holds a digital financial services licence issued by the Labuan Financial Services Authority. The deal is expected to close by Sept 30.

It will also seek regulatory approval from the Abu Dhabi Global Market, an international financial centre and free economic zone located in Abu Dhabi, the capital of the United Arab Emirates (UAE).