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.
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.
