22-07-2025
Stomper and his mum have thousands stuck in crypto exchange ceasing operations in S'pore
Stomper and his mum have thousands stuck in crypto exchange ceasing operations in S'pore
A Tokenize Xchange user said he and his mother were unable to withdraw their money after the cryptocurrency exchange announced that it will be ceasing its Singapore operations.
Stomper STL shared a screenshot of the email making the announcement he received on July 17.
The email from Tokenize Xchange said there would be a separate email to notify Singapore users on their "relevant period" for asset withdrawal.
The Stomper said: "Currently, I can only view my balance in USD. I'm unable to withdraw to my SGD account. When I queried, they sent the following reply below."
The reply said: "USD fiat withdrawal has already ceased since January 2025."
The Stomper's mother is affected as well.
He said: "My mum has an account in SGD and is also unable to make withdrawals."
His mother has S$9,500 in her account while the Stomper has US$5,000 ($3,900) in his.
The Straits TImes reported that users with portfolios below $10,000 have been able to withdraw the cash portion of their holdings and transfer their cryptocurrencies to other exchanges since July 17.
"Based on personal experience, that's not accurate," said the Stomper.
He added that he would be following up with the Monetary Authority of Singapore and making a police report.
"Yes, I am worried, but thankfully, I had moved most of my holdings to Coinbase last year," he said.
"For now, I'm still hoping to get my money back."
Founded in 2017, Tokenize Xchange will cease its operations in Singapore from Sept 30.
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