Singapore Collapsed Cryptocurrency Trading Platform Tokenize Xchange (Parent AmazingTech Pte Ltd) with $207 Million in Liabilities 200+ Customers File $47 Million (S$60.5 Million) Lawsuit for Fraud Damages Against Founder Hong Qi Yu & His Wife (Erin Koo Kee Hoon) Who was Chief Operating Officer, Singapore Court-Appointed Interim Judicial Managers Report States $207 Million (S$266.3 Million) in Liabilities But Has Only $2 Million ($2.6 Million) Assets
29th November | Hong Kong
Singapore collapsed cryptocurrency trading platform Tokenize Xchange (Parent AmazingTech Pte Ltd) with $207 million in liabilities 200+ customers have filed a $47 million (S$60.5 million) lawsuit for fraud damages against founder Hong Qi Yu & his wife (Erin Koo Kee Hoon) who was Chief Operating Officer. In 2025 September, Singapore court-appointed interim judicial managers proposed to wind up cryptocurrency trading platform Tokenize Xchange (Parent AmazingTech Pte Ltd) with $208 million in liabilities, which is heavily insolvent & unable to pay debts. In 2025 August, the Monetary Authority of Singapore (MAS) & the Commercial Affairs Department (CAD) announced to be investigating cryptocurrency trading platform Tokenize Xchange (Parent AmazingTech Pte Ltd) for potential offences with Director Hong Qi Yu charged for fraudulent trading. Tokenize Xchange (Parent AmazingTech Pte Ltd) is alleged to have insufficient assets to meet customers claims, might not had segregated customers assets & had made false representations to Singapore MAS on asset segregation. Singapore MAS (1/8/25): “The Commercial Affairs Department (“CAD”) is currently investigating AmazingTech Pte Ltd (“ATPL”) and its related companies. ATPL operated Tokenize Xchange, a cryptocurrency trading platform, under an exemption from holding a licence under the Payment Services Act 2019 (“PS Act”) while pending the Monetary Authority of Singapore (MAS)’s assessment of its application for a Major Payment Institution licence. 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 4 July 2025 following MAS’ rejection of ATPL’s licence 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 licence. 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 31 July 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.” Note ~ When the PS Act was introduced, existing payment service providers were exempted and could continue these services pending the review of their licence applications by MAS. This is so that these services are not disrupted pending licensing. The temporary exemption would end when the licence application was approved, rejected or withdrawn. In 2025 September, Singapore Deputy Prime Minister & Monetary Authority of Singapore (MAS) Chairman Gan Kim Yong reply to Singapore Parliamentary question (23/9/25) on impact of ceased operations of Tokenize Xchange: 1) Operator (Amazingtech) of Tokenize Xchange is not licensed by Singapore MAS but operated under temporary exemption in transitional arrangements, 2) Interim Judicial Managers report submitted to Singapore High Court (9/9/25) estimated $207 million (S$266.3 million) owed to customers in monies & digital assets (15/8/25), and 3) 2,241 customers had lodged details with the Interim Judicial Managers. Gan Kim Yong (23/9/25): “Amazingtech Pte. Ltd (“ATPL”), the operator of Tokenize Xchange, was not licensed by the Monetary Authority of Singapore (“MAS”) but was operating under a temporary exemption as part of the transitional arrangements when the Payment Services Act 2019 came into force. ATPL’s status as a non-licensed entity was disclosed on MAS’ website and ATPL’s customer agreement. This exemption would end when its application was withdrawn, approved or rejected. Following MAS’ rejection of its licence application, ATPL was required to wind down its payment services business in an orderly manner … … Subsequent developments showed that ATPL was unable to meet its obligations to customers. On 15 August 2025, ATPL was placed under interim judicial management by way of a High Court order following a petition by several creditors. As ATPL is not regulated by MAS, we do not have the information requested by Mr Chua. We note that the appointed interim judicial managers (“IJMs”) submitted a report to the High Court on 9 September 2025, which estimated the total amount owing to customers in monies and digital assets at S$266.3million as of 15 August 2025. As of 9 September 2025, 2,241 customers had lodged their details with the IJMs. Customers of ATPL should register their information with the IJMs if they have not already done so.”
“ Singapore Collapsed Cryptocurrency Trading Platform Tokenize Xchange (Parent AmazingTech Pte Ltd) with $207 Million in Liabilities 200+ Customers File $47 Million (S$60.5 Million) Lawsuit for Fraud Damages Against Founder Hong Qi Yu & His Wife (Erin Koo Kee Hoon) Who was Chief Operating Officer, Singapore Court-Appointed Interim Judicial Managers Report States $207 Million (S$266.3 Million) in Liabilities But Has Only $2 Million ($2.6 Million) Assets “
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Singapore Court-Appointed Interim Judicial Managers Proposed to Wind Up Cryptocurrency Trading Platform Tokenize Xchange (Parent AmazingTech Pte Ltd) with $208 Million in Liabilities, Heavily Insolvent & Unable to Pay Debts, Singapore MAS & Commercial Affairs Department (CAD) Investigating for Potential Offences with Director Hong Qi Yu Charged for Fraudulent Trading, Alleged to Have Insufficient Assets to Meet Customers Claims, Might Not Had Segregated Customers Assets & Made False Representations to Singapore MAS on Asset Segregation
15th September – Singapore court-appointed interim judicial managers have proposed to wind up cryptocurrency trading platform Tokenize Xchange (Parent AmazingTech Pte Ltd) with $208 million in liabilities, which is heavily insolvent & unable to pay debts. In 2025 August, the Monetary Authority of Singapore (MAS) & the Commercial Affairs Department (CAD) announced to be investigating cryptocurrency trading platform Tokenize Xchange (Parent AmazingTech Pte Ltd) for potential offences with Director Hong Qi Yu charged for fraudulent trading. Tokenize Xchange (Parent AmazingTech Pte Ltd) is alleged to have insufficient assets to meet customers claims, might not had segregated customers assets & had made false representations to Singapore MAS on asset segregation. Singapore MAS (1/8/25): “The Commercial Affairs Department (“CAD”) is currently investigating AmazingTech Pte Ltd (“ATPL”) and its related companies. ATPL operated Tokenize Xchange, a cryptocurrency trading platform, under an exemption from holding a licence under the Payment Services Act 2019 (“PS Act”) while pending the Monetary Authority of Singapore (MAS)’s assessment of its application for a Major Payment Institution licence. 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 4 July 2025 following MAS’ rejection of ATPL’s licence 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 licence. 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 31 July 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.” Note ~ When the PS Act was introduced, existing payment service providers were exempted and could continue these services pending the review of their licence applications by MAS. This is so that these services are not disrupted pending licensing. The temporary exemption would end when the licence application was approved, rejected or withdrawn.
Singapore MAS & Commercial Affairs Department (CAD) Investigating Cryptocurrency Trading Platform Tokenize Xchange (Parent AmazingTech Pte Ltd) for Potential Offences with Director Hong Qi Yu Charged for Fraudulent Trading, Alleged to Have Insufficient Assets to Meet Customers Claims, Might Not Had Segregated Customers Assets & Made False Representations to Singapore MAS on Asset Segregation
2nd August – The Monetary Authority of Singapore (MAS) & the Commercial Affairs Department (CAD) are investigating cryptocurrency trading platform Tokenize Xchange (Parent AmazingTech Pte Ltd) for potential offences with Director Hong Qi Yu charged for fraudulent trading. Tokenize Xchange (Parent AmazingTech Pte Ltd) is alleged to have insufficient assets to meet customers claims, might not had segregated customers assets & had made false representations to Singapore MAS on asset segregation. Singapore MAS (1/8/25): “The Commercial Affairs Department (“CAD”) is currently investigating AmazingTech Pte Ltd (“ATPL”) and its related companies. ATPL operated Tokenize Xchange, a cryptocurrency trading platform, under an exemption from holding a licence under the Payment Services Act 2019 (“PS Act”) while pending the Monetary Authority of Singapore (MAS)’s assessment of its application for a Major Payment Institution licence. 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 4 July 2025 following MAS’ rejection of ATPL’s licence 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 licence. 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 31 July 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.” Note ~ When the PS Act was introduced, existing payment service providers were exempted and could continue these services pending the review of their licence applications by MAS. This is so that these services are not disrupted pending licensing. The temporary exemption would end when the licence application was approved, rejected or withdrawn.
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