Tokenize Xchange

Tokenize Xchange is a digital asset exchange founded in 2017 by Hong Qi Yu, who also serves as the company's CEO. The platform was established to address the high barriers to entry and complexity prevalent in the cryptocurrency market, aiming to bridge the gap between fiat currencies and digital assets. Hong's journey into the crypto space began in early 2017 when, as a coder in the financial industry and an FX trader, he purchased Ether to learn smart contract programming. Observing the rapid appreciation of his investment and recognizing the market's potential, he was motivated to create a more accessible exchange platform.

The company operates as a centralized cryptocurrency exchange, generating revenue primarily from trading fees. It caters to both retail and institutional investors in Southeast Asia and beyond. The platform facilitates the buying, selling, and trading of over 120 cryptocurrencies, including major assets like Bitcoin and Ethereum. A key service is its fiat-to-crypto on-ramp, which initially allowed users in Singapore to purchase digital assets using Singapore Dollars (SGD) and later expanded to other currencies. The exchange provides various trading features, such as an order book that allows users to queue orders at desired prices, staking programs, and crypto-earning opportunities. To enhance security, Tokenize Xchange utilizes multi-signature cold storage and has partnered with custody service provider BitGo.

A significant development for the company was the creation of its native token, TKX, an ERC-20 token on the Ethereum blockchain. This token is used for paying transaction fees, accessing initial exchange offerings (IEOs), and participating in platform governance. In April 2024, Tokenize Xchange launched its own proprietary Layer 1 blockchain, Titan Chain, built with the Cosmos SDK. This led to the migration of the TKX token to become the native asset of the new chain, intended to improve scalability and reduce transaction fees. To foster ecosystem growth, the company initiated a US$100 million grant program for developers. Over the years, Tokenize Xchange has secured significant funding, including a Series A round that raised a total of $23 million, with investments from firms like TRIVE and Kenanga. It also received a strategic investment from Animoca Brands in September 2024 to enhance its blockchain infrastructure.

However, the company has faced significant regulatory challenges. On July 4, 2025, the Monetary Authority of Singapore (MAS) rejected its application for a digital payment token license, compelling the company to cease its Singapore operations by September 30, 2025. Following this, the company's operator, Amazing Tech, and its CEO, Hong Qi Yu, came under investigation by Singapore's Commercial Affairs Department for potential fraudulent trading, with Hong being formally charged on July 31, 2025. Consequently, Tokenize Xchange has been relocating its operations to Labuan, Malaysia, and is seeking regulatory approval in Abu Dhabi to continue serving its international clients.

Keywords: Tokenize Xchange, Hong Qi Yu, digital asset exchange, cryptocurrency trading, TKX token, Titan Chain, Southeast Asia crypto, fiat-to-crypto, crypto staking, MAS license, Singapore crypto regulation, digital payment token, Series A funding, TRIVE, Animoca Brands, crypto exchange security, BitGo custody, centralized exchange, order book trading, crypto earn program, Labuan financial services, Abu Dhabi Global Market, Amazing Tech, fraudulent trading investigation