As Binance stays and Tokenize leaves, Singapore’s crypto sector is seeing change

[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.