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Independent Singapore
3 hours ago
- Independent Singapore
CAD probes Tokenize Xchange operator, director faces fraudulent trading charge as users say their assets remain 'in transit'
SINGAPORE: The operator of cryptocurrency trading platform Tokenize Xchange, AmazingTech Pte Ltd (ATPL), and its related companies are under investigation by the Commercial Affairs Department (CAD) for potential offences including fraudulent trading, according to a joint statement from the Monetary Authority of Singapore (MAS) and the Singapore Police Force (SPF) on Friday (Aug 1). Thirty-five-year-old ATPL director Hong Qi Yu was also charged on Thursday (July 31) with fraudulent trading, which carries a jail term of up to seven years, a fine, or both. The announcement of the investigation followed ATPL's announcement on July 20 that it is in the process of acquiring a digital financial services (DFS) licence from Malaysia's Labuan Financial Services Authority (LFSA), after failing to obtain a major payment institution (MPI) licence in Singapore. On the same day, the company informed users they had until Sep 30 to complete any withdrawals or transfers of assets, as it announced support for its Singapore staff in pursuing new career opportunities by then. Authorities said that Tokenize Xchange had been operating under an exemption from the Payment Services Act 2019 (PS Act) while MAS reviewed its application for an MPI licence. The exemption, which applied to entities already conducting activities that came under the Act when it came into force, ended on Jul 4 after MAS rejected its application. Authorities added that the operator is not licensed by MAS, and its activities were not supervised or regulated by MAS. '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,' MAS and SPF added. In mid-July, MAS received several complaints against ATPL over delays in processing customer withdrawals of funds and digital payment tokens. MAS told the firm to address these concerns and return all funds and digital payment tokens to customer accounts in an orderly manner, including covering any shortfall in their accounts. Through its engagements with the company, MAS subsequently found signs that the company did not have enough assets to meet customer claims and that it might have failed to keep customer assets separate from its own. MAS also found indications that the company might have made false representations regarding the segregation of its customers' assets when it applied for an MPI licence. The company was then referred to CAD for investigation. As of two days ago, some users online said on r/singaporefi that their assets remained 'in transit,' with one asking, 'Has anybody managed to successfully withdraw anything since July 4 till now?' /TISG Read also: Chocolate Finance secures US$15M in fresh funding after 'unusually high' withdrawals wipe out nearly 40% of its assets Featured image by Depositphotos (for illustration purposes only)
Independent Singapore
4 hours ago
- Independent Singapore
Student chokes teacher after refusing to pick up fallen paper
MALAYSIA: A secondary school teacher in Pahang was allegedly assaulted by a male student during a classroom altercation, according to a series of social media posts made by the teacher's brother earlier this week. The incident reportedly began when the teacher asked the student to help pick up a test paper, belonging to a female student, that had fallen near his feet. The teacher asked the boy to pick it up, but he refused. Instead, he allegedly stepped on the paper repeatedly and made a gesture as though he was about to throw water on it. This escalated into a physical confrontation during which the male student allegedly strangled the female teacher. Several other students who witnessed the scene intervened, allowing the teacher to break free. She later sought medical attention for her injuries and lodged a police report. The incident sparked concern among the teacher's family, who publicly criticised the school for what they viewed as an inadequate response. They expressed dissatisfaction over the lack of an immediate explanation or apology from the school, and questioned whether sufficient action was taken to protect the teacher's safety and professional rights. See also Amway Malaysia sees dip in 3Q17 revenue They further alleged that the school appeared more focused on managing its public image than addressing the incident transparently. In response, the school principal confirmed that an internal investigation had been launched and that the school was fully cooperating with the police. CCTV footage and other classroom-related information have been handed over to authorities. After discussions facilitated by the police and school officials, both the teacher and the student reached a settlement. In a follow-up post, the teacher's brother confirmed the resolution, stating, 'The matter has received a reasonable apology and a satisfactory settlement. Thank you for your concern.' () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
Independent Singapore
4 hours ago
- Independent Singapore
SMRT issues notice of offence to teen suspected of vaping KPods on board MRT train
SISINGAPORE: SMRT has confirmed that it has issued a notice of offence to a 17-year-old passenger after he was spotted behaving erratically, in an incident believed to be linked to the use of Kpods. A video going viral online shows the teenager, wearing white, sitting before getting up to alight at the next stop. The youth stood up using a handrail, visibly twitching and moving in a stiff, unnatural manner. As he approached the carriage door, he suddenly collapsed backward, hitting the floor with a thud. Passengers can be heard shouting in concern, with some attempting to assist him. The teenager appeared unresponsive to their attempts to help and sat dazed and twitching on the floor, before leaving the train. SMRT staff at the station, having been alerted to the incident, identified the teen and handed him over to the authorities. SMRT has since issued a notice of offence to the youth for breaching subway regulations. In a statement, SMRT said it takes such cases seriously and urged the public to report any suspicious behaviour immediately. See also Humping Trans Cab video goes viral The Health Sciences Authority (HSA) later confirmed that e-cigarettes and cartridges were found in the teenager's possession. He is currently assisting in ongoing investigations. Netizens reacting to the viral video online speculate that the boy may have been vaping 'Kpods' or the etomidate substance, which is reportedly linked to hallucinations, disorientation, and involuntary body movements. Authorities reiterated that possession, use, or sale of e-cigarettes is illegal in Singapore, and warned that violators face serious penalties. HSA has stepped up its enforcement activities against vaping. The public is encouraged to report suspected e-cigarette offences via an extended hotline—6684 2036 or 6684 2037—which now operates daily from 9am to 9pm, including on public holidays. Reports can also be submitted online. Investigations are ongoing. () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
