The exchange, which will relocate to Labuan, Malaysia, is seeking to obtain a licence from the Labuan Financial Services Authority to operate under a regulated framework and continue serving its international clients.
According to Tokenize, the company is in the midst of acquiring a company that holds a digital financial services (DFS) licence issued by the Labuan Financial Services Authority (LFSA). The deal expected to close soon, said the digital exchange platform in its July 20 statement.
In addition, Labuan will allow the company to operate under a “recognised regulatory framework tailored for cross-border digital asset services”. “It also offers tax efficiency and access to international markets, supporting the platform’s global growth ambitions,” adds Tokenize.
Further to its statement, the company says it is keen on obtaining its Abu Dhabi Global Market (ADGM) licence in a bit to enhancing its global footprint.
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"While we regret this outcome in Singapore, we view this development as an opportunity to fortify our international operations,” says Hong Qi Yu, CEO and founder of Tokenize Xchange. “Our Labuan license and forthcoming ADGM license underline our unwavering commitment to regulatory compliance, security, and providing a trusted platform for our global users. Our recent launch of Titan Chain in April 2024 further demonstrates our commitment to innovation.”
Singapore-based users affected by the move may transfer their assets to other platforms, says the company. Their value, in Singapore dollars (SGD) as at 12am on July 18, will determine users’ assigned tier in the phased withdrawal schedule. The value will have to be based on a portfolio snapshot taken by Tokenize’s system as at the stipulated time and viewable in users’ wallets.
All cash withdrawals and crypto transfers must be completed by Sept 30.
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Users with portfolio values of under $10,000 - comprising both fiat currencies and cryptocurrencies - will have till July 31 to withdraw their assets.
Users with portfolio values of $10,000 to $99,999, will be able to withdraw their assets from Aug 1 to 31.
Users with portfolio values of $100,000 and above will be able to withdraw their assets from Sept 1 to 30.
If the first two timelines are missed, eligible users under the first two tiers may still complete withdrawals and transfers through Sept 30.
From now till Sept 30, the company says it will support its staff’s efforts to “pursue new career opportunities”.
Tokenize was founded in 2017 and has a company size of 201 to 500 employees, according to its LinkedIn page. The platform allowed the trading of over 80 cryptocurrencies including Bitcoin and Ethereum.
