What Is Tokenize Exchange?
Tokenize Exchange generally refers to Tokenize Xchange, a digital-asset trading platform that historically operated in Singapore and Malaysia. However, the name now requires an important distinction: the Singapore operation and the Malaysian business are separate legal entities.
The Singapore-based Tokenize Xchange operation, operated by AmazingTech Pte Ltd, ceased its Singapore operations in 2025 after the Monetary Authority of Singapore (MAS) rejected its application for a digital payment token licence. Meanwhile, the Malaysian business formerly known as Tokenize Technology (M) Sdn Bhd has been rebranded as Kinetic DAX Sdn Bhd (KDX) and remains a regulated digital asset exchange in Malaysia.
This distinction is important for anyone searching for Tokenize Exchange today. A person looking for the old Singapore platform should not assume that it is the same business as KDX Malaysia.
Tokenize Exchange at a Glance
| Item | Current information |
|---|---|
| Brand historically used | Tokenize Xchange |
| Singapore operator | AmazingTech Pte Ltd |
| Singapore status | Singapore operations ceased in 2025 |
| Malaysian successor/rebrand | Kinetic DAX Sdn Bhd (KDX) |
| Former Malaysian company name | Tokenize Technology (M) Sdn Bhd |
| Malaysian regulator | Securities Commission Malaysia |
| Malaysian status | Registered Digital Asset Exchange |
| Malaysian parent/shareholder | Kenanga Investment Bank |
| Main Malaysian currency | Malaysian ringgit (MYR) |
| Current KDX offering | Spot digital-asset trading and custody |
| Current Singapore availability | The former Singapore operation is not operating as it did before its closure |
The Securities Commission Malaysia’s current registered-exchange list, updated July 20, 2026, includes Tokenize Technology (M) Sdn Bhd, while KDX’s own website identifies the company under its new name, Kinetic DAX Sdn Bhd. Kenanga’s 2025 annual report also confirms that KDX is formerly known as Tokenize Technology (M) Sdn Bhd. Read more : Lee Lung Nien: Career, Citi Singapore Role & FIA Work
Why the Name Is Confusing
The confusion largely comes from the fact that the Tokenize brand was used across different regional businesses.
Historically, Tokenize Xchange was associated with a Singapore-headquartered digital-asset business, while Tokenize Malaysia operated separately in Malaysia. In 2025, the Malaysian operation began transitioning to the KDX brand. KDX explicitly states that it is a separate legal entity from the Singapore business operated by AmazingTech.
For users researching the platform, the simplest way to understand the situation is:
- Tokenize Xchange Singapore: former Singapore operation, now closed.
- AmazingTech Pte Ltd: Singapore company that operated the former Singapore platform.
- Tokenize Malaysia: former Malaysian branding.
- Kinetic DAX (KDX): current Malaysian business, formerly Tokenize Technology (M) Sdn Bhd.
- Kenanga: major shareholder and current controlling financial group behind KDX.
This separation matters when checking licensing, customer support, withdrawals, corporate ownership, or regulatory information.
What Happened to Tokenize Xchange in Singapore?
Tokenize Xchange announced in July 2025 that it would cease operations in Singapore. The announcement followed MAS’s decision not to grant the company a licence to provide digital payment token services.
MAS rejected the licence application on July 4, 2025. Tokenize subsequently announced the closure of its Singapore operation, with the shutdown process scheduled to be completed by September 30, 2025.
Before the closure, the Singapore business had operated under an exemption while its licensing application was being assessed. MAS later stated that the exemption ended when the application was rejected, meaning the company was required to cease providing payment services and wind down its operations.
Customer Withdrawals and the Closure
The shutdown created significant problems for some customers. Tokenize announced a phased process for customers to withdraw cash and transfer cryptocurrency holdings.
According to reporting by The Straits Times, users with portfolios below S$10,000 could begin withdrawing the cash portion and transferring cryptocurrencies from July 17, 2025. Higher portfolio tiers received access later, with all withdrawals and transfers expected to be completed by September 30.
MAS subsequently said it was monitoring the return of customers’ money and digital assets.
Investigation Into the Singapore Operator
The situation became more serious in August 2025. Singapore authorities announced an investigation into AmazingTech and related entities over potential offences, including fraudulent trading.
MAS and the Singapore Police Force said they had received customer complaints concerning delays in withdrawals. They also reported indications that the company might not have had sufficient assets to meet customer claims and might not have properly segregated customer assets from company assets.
Tokenize Xchange founder and AmazingTech director Hong Qi Yu was charged with fraudulent trading in July 2025. His case was pending at the time of the subsequent reporting.
These are allegations and court proceedings, not a finding that every customer or transaction was fraudulent. Readers should distinguish between regulatory findings, allegations, charges and final court judgments.
AmazingTech and the Court Proceedings
The Singapore legal situation continued beyond the initial closure.
In August 2025, seven investors successfully sought an order placing AmazingTech under interim judicial management. KordaMentha was appointed to assess the company’s financial and operational position.
By October 2025, the Singapore High Court had granted a winding-up application for AmazingTech and appointed liquidators. CNA reported that the interim judicial managers concluded liquidation was the only practical way forward.
A 2026 Singapore High Court judgment also describes a representative action involving 272 individuals who held accounts with Tokenize Xchange. The case identifies AmazingTech as the company that operated the exchange and Hong Qi Yu as its founder and director.
The ongoing legal proceedings mean that anyone who had assets with the former Singapore platform should rely on official court, liquidator or regulator communications rather than assuming that the old exchange is still functioning normally.
What Is KDX Malaysia?
KDX is the current Malaysian digital-asset business that grew out of Tokenize Malaysia. Its legal entity is Kinetic DAX Sdn Bhd, formerly known as Tokenize Technology (M) Sdn Bhd.
KDX describes itself as a Malaysian digital asset exchange where users can buy, sell and manage cryptocurrencies using Malaysian ringgit. Its platform is available through web and mobile interfaces.
The Securities Commission Malaysia currently lists Kinetic DAX among Malaysia’s regulated digital-asset exchange operators. The SC’s current list identifies the former legal name, Tokenize Technology (M) Sdn Bhd, alongside the company’s registered details.
KDX and Kenanga Investment Bank
One of the biggest changes to the Malaysian business is its relationship with Kenanga Investment Bank.
Kenanga initially announced in 2021 that its wholly owned private-equity arm would acquire a 19% interest in Tokenize Technology (M) Sdn Bhd.
That relationship has since become much deeper. Kenanga’s 2025 annual report says the group increased its equity stake in KDX to 81.7%, making KDX a subsidiary within the group in 2026. Kenanga describes KDX as part of its broader digital-asset strategy.
Kenanga says it intends KDX to play a role in the secondary market for listed tokenised assets, with longer-term plans involving 24/7 trading and fractional ownership of real-world assets.
Is Tokenize Exchange Regulated?
The answer depends on which Tokenize business you mean.
Malaysia
The Malaysian operation is regulated as a Digital Asset Exchange by the Securities Commission Malaysia. The current SC list includes Tokenize Technology (M) Sdn Bhd, while KDX identifies the same business under its new legal name, Kinetic DAX Sdn Bhd.
However, being regulated does not mean that cryptocurrency investments are risk-free. The SC itself warns investors about the risks associated with digital assets and unauthorised platforms.
Singapore
The former Tokenize Xchange Singapore operation should not be described as a currently MAS-licensed exchange. MAS rejected AmazingTech’s application for a digital payment token licence in July 2025, after which its exemption ended and the business moved toward closure.
This is one of the most important facts for anyone searching for the platform today.
What Can Users Trade on KDX?
KDX’s current website says the Malaysian platform supports buying, selling and managing digital assets using Malaysian ringgit. Kenanga’s March 2026 announcement says KDX enables investors to trade and store more than 20 different digital assets using MYR.
The platform is designed primarily around spot digital-asset trading rather than leveraged derivatives. Its current materials describe cryptocurrency buying, selling, transfers and portfolio management.
Because supported assets and trading conditions can change, users should check KDX’s current market and fee pages before making a transaction rather than relying on older Tokenize Xchange reviews or screenshots.
Tokenize Exchange Features and Services
Historically, Tokenize Xchange promoted a range of cryptocurrency services. Archived platform materials described support for cryptocurrency trading, fiat-to-crypto transactions and crypto-to-crypto trading, while its app listing promoted buying, selling, trading, storing and earning digital currencies.
KDX’s current Malaysian platform focuses on services such as:
- MYR deposits and withdrawals
- Cryptocurrency buying and selling
- Digital-asset transfers
- Portfolio management
- Web-based trading
- Mobile access
- Order-book trading
- Digital-asset custody and wallet services
The precise assets, fees and services available can change, so current official KDX information is more useful than older descriptions of Tokenize Xchange.
What Happened to the Tokenize Brand?
The Malaysian business has effectively moved away from the Tokenize Malaysia name and now operates as KDX.
The company’s own website identifies Kinetic DAX Sdn Bhd as formerly known as Tokenize Technology (M) Sdn Bhd. KDX also states that the rebrand does not represent the same corporate entity as the Singapore operation that was operated by AmazingTech.
This means that searches for terms such as Tokenize Exchange Malaysia, Tokenize Xchange Malaysia or Tokenize Malaysia may lead users toward KDX, while searches for the old Singapore platform relate to a very different and now-defunct operation.
Tokenize Exchange vs KDX: Key Difference
| Feature | Former Tokenize Xchange Singapore | KDX Malaysia |
|---|---|---|
| Country | Singapore | Malaysia |
| Operator | AmazingTech Pte Ltd | Kinetic DAX Sdn Bhd |
| Former name | Tokenize Xchange | Tokenize Technology (M) Sdn Bhd / Tokenize Malaysia |
| Current status | Singapore operations ceased in 2025 | Operating as KDX |
| Regulator | MAS application rejected in 2025 | Securities Commission Malaysia |
| Ownership | AmazingTech structure | Majority-owned by Kenanga |
| MYR trading | Not applicable to current Singapore operation | Yes |
| Current platform | Defunct Singapore operation | KDX web/mobile platform |
The distinction is supported by KDX itself, which specifically says the Malaysian business is separate from Tokenize Xchange Singapore and operates independently under Malaysian regulation.
Is Tokenize Exchange Safe?
There is no single answer because the name has referred to different businesses.
For KDX Malaysia, the important positive factor is that it is registered as a Malaysian Digital Asset Exchange with the Securities Commission. KDX also says customer assets and funds are segregated and protected through its custody arrangements.
At the same time, investors should not interpret regulatory registration as a guarantee against losses. Cryptocurrency prices can be highly volatile, and exchange, custody, operational and cybersecurity risks remain relevant.
There is also a separate historical issue involving the Malaysian company: the Securities Commission’s 2024 annual report says administrative action was initiated against Tokenize Technology (M) Sdn Bhd following a risk assessment, including concerns relating to anti-money-laundering control measures.
For the former Singapore business, the situation is materially different because its operations ceased, its licence application was rejected, authorities investigated the operator, and AmazingTech subsequently entered liquidation proceedings.
What Should Existing Users Check?
Anyone researching Tokenize Exchange should first identify which entity held their account.
If the account was with the former Singapore platform, users should look for official communications from the relevant liquidators, courts or Singapore authorities. Do not assume that the KDX Malaysia platform can access or recover assets held by the former Singapore operator.
KDX itself has explicitly stated that it has no shared custody structures or operational dependencies with Tokenize Xchange Singapore.
For Malaysian KDX users, the appropriate source for current account, withdrawal, trading and compliance information is KDX itself and the Securities Commission Malaysia.
Tokenize Exchange in 2026: What You Need to Know
As of August 2026, the most accurate description is that Tokenize Exchange is a historical brand associated with two regional businesses, while the Malaysian operation now operates as KDX.
The Singapore operation is no longer a functioning exchange in the form it had before 2025. Its operator, AmazingTech, went through judicial management and liquidation proceedings following the closure and regulatory issues.
Malaysia is a different story. Kinetic DAX, formerly Tokenize Technology (M) Sdn Bhd, remains listed by Malaysia’s Securities Commission as a registered digital asset exchange and has become majority-owned by Kenanga Investment Bank.
For anyone considering using the service, the key lesson is simple: verify the legal entity, country and regulator before depositing money or cryptocurrency. Old Tokenize Xchange articles and reviews can describe a platform or corporate structure that no longer exists.
Frequently Asked Questions
Is Tokenize Exchange still operating?
The former Tokenize Xchange Singapore operation ceased its Singapore operations in 2025. The Malaysian business continues under the KDX brand as Kinetic DAX Sdn Bhd.
Is Tokenize Xchange the same as KDX?
Not exactly. KDX is the rebranded Malaysian business formerly known as Tokenize Technology (M) Sdn Bhd. It is a separate legal entity from AmazingTech, which operated Tokenize Xchange Singapore.
Is KDX regulated in Malaysia?
Yes. KDX, legally Kinetic DAX Sdn Bhd and formerly Tokenize Technology (M) Sdn Bhd, is registered as a Digital Asset Exchange with the Securities Commission Malaysia.
What happened to Tokenize Xchange Singapore?
Its Singapore operations were shut down after MAS rejected AmazingTech’s application for a digital payment token licence in July 2025. The operator subsequently faced regulatory investigation, judicial management and liquidation proceedings.
Who owns KDX Malaysia?
Kenanga Investment Bank has increased its stake in KDX to 81.7%, according to Kenanga’s 2025 annual report. KDX is now a subsidiary within the Kenanga group.
Can Singapore Tokenize users use KDX to recover their old assets?
KDX states that it is a separate legal entity from the former Singapore operation and has no shared custody structures or operational dependencies with it. Users with claims against the former Singapore platform should therefore follow the relevant liquidator and court processes rather than assume KDX controls those assets.
What is TKX?
TKX was the proprietary Tokenize Xchange token associated with the Tokenize ecosystem. KordaMentha’s documentation concerning the Singapore operator identifies TKX as Tokenize Xchange Tokens issued by a related Tokenize entity.
Should investors rely on old Tokenize Exchange reviews?
They should be cautious. The corporate structure, regulatory status and branding changed significantly after 2025. For current Malaysian information, investors should check KDX and the Securities Commission Malaysia rather than relying on older reviews of Tokenize Xchange Singapore.
