Announcement: ABCC to sunset Singapore Operations

Dear User,

Alphabit Consulting Pte Ltd (hereinafter referred to as “ABCC”, “We”, “Us”, “Our” or the “Company”) is announcing that it has made the decision to sunset its virtual asset exchange business in Singapore at this time and that all commercial activities will cease by August 23, 2024 (“Closure Date”).

The decision to wind down follows an extensive review by the Company. Despite the positive impact it has had, the review conclusion comes in light of the revised payments regulatory framework with the commencement of the Payment Services Act 2019 and the original submission of ABCC license application which does not reflect the current market and regulatory landscape, and a decision was made to withdraw our Singapore license application, but continue to pursue and invest in other markets where We’ve seen We can make meaningful changes and deliver greater financial inclusion impact. Nonetheless, the Company remains confident in, and committed to, expanding its offerings and regulatory footprint in Singapore should suitable opportunities present itself again.

Accordingly and as an interim measure as part of the Winding Down process, ABCC has ceased to provide centralized virtual asset trading services and suspended onboarding activities. Customer funds and tokens remain safe and secure with the Company.

Please note:-

Global Users:- We are determined to deliver on our commitments in investing in new and exciting products and services that continue to serve You. Effective June 5, 2024, We will be transferring the exchange platform to Alphabit Limited (“ABCC Global”) and will be reaching out via email, with ‘next steps’ instructions. By fulfilling these simple ‘next steps’ instructions, Global Users can continue to enjoy digital access to their trading accounts via the ABCC website at the same level of fees, accompanied by access to more than 30 virtual assets.

Singapore based Users:-  Effective June 5, 2024, ABCC will be reaching out via email, with ‘closure of account’ instructions. While you can continue to access the platform, all trading activity is disabled and you will only be able to withdraw assets between Now and on/by the Closure Date. After the Closure Date, account logins will be disabled, with the account to be closed after one (1) working day, with any remaining balances in your ABCC account, deemed to be as unclaimed property and We will treat them in accordance with our Terms and Conditions.

Please let our customer support team know at support@abcc.zendesk.com as We understand that you may have inquiries or concerns regarding these changes and they will do everything they can, to reply to your inquiry within 3 business days. 

We are grateful to each one of you who supported ABCC. Thank you for being part of this journey, and We’ll continue working to make a difference in many ways and our long-term commitment to promoting and increasing financial inclusion worldwide through Blockchain and Virtual Assets remains the same—We’re determined to do every day better for our customers, our employees, and the world at large.

Thank you for being part of our ABCC community.

ABCC Team

5 Jun 2024