Latest news with #RestructuringandDissolutionAct2018
Yahoo
2 days ago
- Business
- Yahoo
CAD launches investigations into Tokenize Xchange after delays in processing withdrawals
Tokenize Xchange's founder and CEO Hong Qi Yu has been charged in court with fraudulent trading under Section 238(4). The offence carries an imprisonment term not exceeding seven years, a fine or both The Commercial Affairs Department (CAD) is currently investigating AmazingTech, which operates cryptocurrency trading platform, Tokenize Xchange, announced the Monetary Authority of Singapore (MAS) on Aug 1. This includes an offence of fraudulent trading under Section 238(4) of the Insolvency, Restructuring and Dissolution Act 2018. The news comes after Tokenize Xchange announced, on July 20, that it will be ceasing its operations in Singapore after failing to obtain a major payment institution (MPI) licence to provide digital payment token services. According to MAS's statement, the central bank said it received several customer complaints against the cryptocurrency platform for 'delays in processing withdrawals of monies and digital payment tokens to customers'. MAS has asked AmazingTech to solve these concerns and take steps to return the monies and digital payment tokens to its customers. MAS adds from its engagements with AmazingTech, the central bank subsequently found indications that AmazingTech did not have enough assets to meet its customers' claims and that it might not have separated its customers' assets from AmazingTech's assets. 'MAS also found indications that ATPL might have made false representations to MAS regarding the segregation of its customers' assets, when AmazingTech applied for a MPI licence,' the statement continues. 'MAS then referred ATPL to CAD for investigations.' Tokenize Xchange's founder and CEO Hong Qi Yu has been charged in court with fraudulent trading under Section 238(4). The offence carries an imprisonment term not exceeding seven years, a fine or both. Police investigations are ongoing. See Also: Click here to stay updated with the Latest Business & Investment News in Singapore Trump media buys US$2 bil in Bitcoin for crypto treasury plan Tokenize Xchange to cease operations in Singapore after failing to obtain MPI license Bitcoin faithful rejoice as US$100 billion era nears Read more stories about where the money flows, and analysis of the biggest market stories from Singapore and around the World Get in-depth insights from our expert contributors, and dive into financial and economic trends Follow the market issue situation with our daily updates Or want more Lifestyle and Passion stories? Click here擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
Straits Times
2 days ago
- Business
- Straits Times
Investors seek court-ordered judicial management of Tokenize Xchange operator amid police probe
Sign up now: Get ST's newsletters delivered to your inbox Hong Qi Yu, a director of Amazing Tech and the founder and chief executive of Tokenize Xchange, was charged in court on July 31 with fraudulent trading. SINGAPORE – Seven cryptocurrency investors have applied to the High Court to place Amazing Tech – the operator of embattled cryptocurrency platform Tokenize Xchange – under interim judicial management to protect their investments. If their court application on Aug 5 is successful, the High Court can appoint professional managers to take over the day-to-day running of the company and audit its assets. ST understands the seven customers have not been able to withdraw their deposits amounting to more than $4 million that are held by Tokenize Xchange. Trading of cryptocurrencies on the platform currently remains suspended. The High Court move by the seven investors comes as Amazing Tech and its related entities are under investigation for potential offences by the police for fraudulent trading under the Insolvency, Restructuring and Dissolution Act 2018. Hong Qi Yu, a director of Amazing Tech and the founder and chief executive of Tokenize Xchange, was charged in court on July 31 with fraudulent trading under the same Act. The seven investors are represented by lawyers Alfred Lim, Jaime Lye and Rasveen Kaur of law firm Meritus LLC. Top stories Swipe. Select. Stay informed. Singapore Recent rail disruptions disappointing and 'we can and will do better': Jeffrey Siow Singapore 'It's either my life or the dog's': NSF rescues lost dog which was hit by car in Bedok Singapore Migrant workers who saved driver from sinkhole get SCDF awards, mobile data and goodie bags Singapore 81 primary schools to hold ballot for Phase 2C of Primary 1 registration Singapore COE premiums rise in all categories except motorcycles; Cat B at $123,498, highest since Dec 2023 Singapore 19 drivers nabbed over illegal ride-hailing services in Singapore and across border with Malaysia World A 'Huawei moment' looms as US gears up to sell AI-in-a-box to South-east Asia Singapore Man recruited victim to open bank account, forced him to drink urine after account was frozen They are asking the High Court to appoint Mr Cameron Lindsay Duncan, Mr David Dong-Won Kim and Mr Joshua Joseph Jeyaraj of corporate advisory and restructuring firm KordaMentha as the judicial managers of Amazing Tech. A court hearing has been set for Aug 21. The timeline for a judicial manager to be appointed by the High Court may take up to a few months. Meanwhile, ST understands that another law firm – Dauntless Law Chambers – is assembling over 100 customers, owned about $40 million by Tokenize Xchange, to file a class action lawsuit against Hong personally for fraud. The Commercial Affairs Department and the Monetary Authority of Singapore (MAS) said in a statement on Aug 1 that MAS had received several customer complaints against Amazing Tech in mid-July about delays in withdrawing monies and digital payment tokens. On July 20, Tokenize Xchange said it will shut down the business following MAS' decision not to grant it a licence to offer digital payment token services here. It was previously operating under an exemption. The firm told The Straits Times then that its customers in Singapore can no longer buy or sell cryptocurrencies on its platform and may only transfer their cryptocurrency holdings to other exchanges, where they can convert them to cash and make withdrawals. ST understands that withdrawals have been inconsistent, with many investors still unable to access their funds. MAS said in its Aug 1 statement that it found indications that the firm may have made false representations about segregating customer assets when applying for a Major Payment Institution licence. It added that Amazing Tech and its activities are not supervised or regulated by the MAS. It has since referred the case to the Commercial Affairs Department for investigation. ST has contacted Hong for comments, while queries to Amazing Tech were unanswered.
Straits Times
01-08-2025
- Business
- Straits Times
CAD probing Tokenize Xchange operator; firm's director charged with fraudulent trading
Sign up now: Get ST's newsletters delivered to your inbox SINGAPORE - The Singapore police are investigating the company operating cryptocurrency trading platform Tokenize Xchange and the firm's director has been charged in court for fraudulent trading. In a joint statement on Aug 1, the Monetary Authority of Singapore and the Singapore Police's Commercial Affairs Department (CAD) said Amazing Tech – the operator of cryptocurrency platform Tokenize Exchange – along with its related entities, is under investigation for potential offences, including fraudulent trading under the Insolvency, Restructuring and Dissolution Act 2018. The authorities also said that Hong Qi Yu, a director of Amazing Tech and the founder and chief executive of Tokenize Xchange, was charged in court on July 31 with fraudulent trading under the same Act. The offence carries a maximum penalty of seven years' imprisonment, a fine, or both. Police said that investigations are ongoing. Tokenize Xchange said on July 20 that it will shut down the business following an MAS decision not to grant it a licence to offer digital payment token services here. It was previously operating under an exemption. The firm told The Straits Times then that its customers in Singapore can no longer buy or sell cryptocurrencies on its platform, and may only transfer their cryptocurrency holdings to other exchanges, where they can convert them to cash and make withdrawals. It also said that users can continue to withdraw cash directly from the exchange based on the Singapore dollar value of each user's portfolio, which includes both fiat and cryptocurrency holdings. Top stories Swipe. Select. Stay informed. World Trump modifies reciprocal tariffs ahead of deadline; rate on Singapore likely to remain at 10% Singapore PM Wong to deliver National Day message on Aug 8 Singapore Data breach involving Cycle & Carriage Singapore customer details under probe Singapore Man charged over kicking woman's face in Teck Whye Lane flat, leading to her death Singapore 'For one last time, let's go home': Tears, laughs as last scheduled Jetstar Asia flight touches down Life The Projector leaves Cineleisure, returns to Golden Mile Tower Singapore 3 men charged over living on the earnings of prostitution Business OCBC Q2 profit drops 7% to $1.82b as interest rates fall, to pay lower interim dividend MAS said it received several customer complaints in mid-July against Amazing Tech over delays in processing withdrawals of monies and digital payment tokens. The central bank said it asked the company to address these concerns and to return customers' monies and tokens in an 'orderly manner', including by topping up any shortfalls in customer accounts. Through its subsequent engagements with the firm, MAS said it found indications that Amazing Tech did not have sufficient assets to meet customer claims, and may not have segregated customer assets from its own. It also found signs that the company may have made false representations to MAS about the segregation of customer assets when applying for a Major Payment Institution licence. MAS then referred the matter to the Commercial Affairs Department for investigation. ST has contacted Amazing Tech and the police for comments .
