The Commercial Affairs Department (CAD) is currently investigating AmazingTech Pte Ltd (ATPL) and its related companies.

The CAD and Monetary of Authority of Singapore (MAS) said in a joint statement on last Friday that ATPL operated Tokenize Xchange, a cryptocurrency trading platform, under an exemption from holding a license under the Payment Services Act 2019 (PS Act) while pending the MAS’s assessment of its application for a Major Payment Institution license.

This exemption applied to entities that were conducting activities newly brought within the scope of the PS Act at the point when the Act came into force.

ATPL is not licensed by MAS and its activities are not supervised or regulated by MAS.

ATPL’s exemption ended on July 4, 2025 following MAS’ rejection of ATPL’s license application.

Thereafter, ATPL 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.

In mid-July 2025, MAS received several customer complaints against ATPL for delays in processing withdrawals of monies and digital payment tokens to customers.

MAS asked ATPL 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 ATPL, MAS subsequently found indications that ATPL did not have sufficient assets to meet its customers’ claims and that it might not have segregated its customers’ assets from ATPL’s assets.

MAS also found indications that ATPL might have made false representations to MAS regarding the segregation of its customers’ assets, when ATPL applied for a Major Payment Institution license.

MAS then referred ATPL to CAD for investigations.

ATPL and its related companies are currently being investigated by the CAD for potential offences, including, fraudulent trading under Section 238(4) of the Insolvency, Restructuring and Dissolution Act 2018.

On July 31, 2025, Hong Qi Yu, aged 35, a director of ATPL, has been charged in court with the offence of fraudulent trading under Section 238(4) of the Insolvency,

Restructuring and Dissolution Act 2018, which carries an imprisonment term not exceeding seven years, a fine or both.

Police investigations are ongoing, said the statement.

#CryptocurrencyFraud #SingaporeLaw #FinancialRegulation #PaymentServicesAct #DigitalAssets