As Binance stays and Tokenize leaves, Singapore’s crypto sector is seeing change
Other larger players such as Bybit and Bitget are also mulling possible exits, as new regulatory standards for the sector set in
Add BT as a preferred source
[SINGAPORE] Tokenize Xchange announced on Sunday (Jul 20) that it would exit Singapore after failing to secure a Major Payment Institution (MPI) licence, typically necessary for digital payment token service providers (DPTSPs).
It is set to lay off its 15 staff, despite having had plans to expand its office in Singapore to 100 people and raising US$11.5 million in funding.
Other larger players such as Bybit and Bitget are also mulling possible exits, Bloomberg reported recently.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Middle East-linked energy supply shocks put Asean Power Grid back in focus
From intern to C-suite: JPMorgan’s Teresa Heitsenrether on building a fully AI-powered ‘megabank’
Sunway ‘sniffing around’ for opportunities: Tycoon Jeffrey Cheah wants business to last 10 generations
Keppel begins arbitration against partners in Vietnam JV hit by 6.9 trillion dong bill
