The company revealed that it is acquiring a company that has obtained a digital financial services license issued by the Labuan Financial Services Authority, and the transaction is expected to be completed soon. From now on, users with portfolios be...
The company revealed that it is acquiring a company that has obtained a digital financial services license issued by the Labuan Financial Services Authority, and the transaction is expected to be completed soon.
From now on, users with portfolios below US$10,000 (approximately S$12,837) can start withdrawing some of their cash and transferring their holdings to other platforms.
The Monetary Authority of Singapore decided not to issue a digital asset exchange license to the local cryptocurrency exchange Tokenize Xchange. The company announced that it would move its headquarters to Labuan, Malaysia, and cease operations in Singapore from September 30.
The statement also mentioned that Singapore users can no longer buy and sell cryptocurrencies through the company's platform, but can transfer assets to other platforms and initiate cash withdrawals in accordance with standard procedures.The company issued a statement on Sunday (July 20) saying that it plans to apply for a relevant license from the Labuan Financial Services Authority (LFSA) to continue to provide services to international customers under a regulated framework.
Tokenize Xchange founder and CEO Hong Qiyu said that although he regrets the result, he believes it is an opportunity to strengthen his international business. In addition to Labuan, the company also plans to apply for a financial license for Abu Dhabi Global Market (ADGM).
The company did not explain why the HKMA did not issue a license.
Users with portfolios ranging from US$10,000 to US$99,999 can withdraw cash from August 1. Users with a portfolio value of US$100,000 or above can withdraw money starting from September 1. All withdrawals and transfers must be completed by September 30.
